european technology report - william blair · 2015-01-21 · and privately held companies,...

William Blair’s investment banking group combines signi�icant transaction experience, rich industry knowledge, and deep relationships to deliver successful advisory and �inancing solutions to our global base of corporate clients. We serve both publicly traded and privately held companies, executing mergers and acquisitions, growth �inancing, �inancial restructuring, and general advisory projects. This comprehensive suite of services allows us to be a long-term partner to our clients as they grow and evolve. From 2010-2014, the investment banking group completed more than 330 merger-and-acquisition transactions worth $73 billion in value, involving parties in 36 countries and �ive continents, was an underwriter on more than 20% of all U.S. initial public offerings, and raised nearly $100 billion in public and private �inancing.

About William Blair Investment Banking

European Technology Report

January 2015

William Blair & Company

Quarterly European Technology Report Quarterly European Technology Report—Introduction

European Technology Banking 2014 Recap: Firing on All Cylinders With heightened activity across private capital, IPO, and M&A markets, 2014 was the most dynamic year in European technology since before the recession. This fertile environment created powerful opportunities for business owners to explore multiple exit paths and financing opportunities and gave rise to several intriguing trends that will continue to shape the deal-making landscape for European technology in 2015. Trends That Defined European Technology in 2014 • Recurring revenue models attract premium private equity valuations: Across the fundraising and growth cycle, 2014 was a great year to be a seller. This was especially true for application software companies with significant recurring revenue—even those with relatively modest revenue growth. Fueled by large amounts of capital for deployment and readily available debt financing, private equity firms aggressively pursued relatively safe assets that lend themselves to a buy-and-build approach to creating value.This focus on recurring revenue over growth resulted in attractive valuations for a sell-side transaction that we completed in November: U.K.-based Allocate Software’s acquisition by HgCapital (LTM EBITDA multiple of 13.5x). Other examples include Advanced Computer Software’s sale to Vista Equity Partners (LTM EBITDA multiple of 15.8x), Apax’s acquisition of Exact Software (LTM EBITDA multiple of 16.2x), and Advent International’s acquisition of Unit4 Software (LTM EBITDA multiple of 17.8x). • Trade buyers stay focused on Europe: Despite uneven economic conditions across Europe, strategic acquirers continue to view Europe’s technology community as fertile ground for finding growth and synergies. This is especially true of North American acquirers. In 2014, we advised U.K.-based Kelway in the sale of a strategic stake to CDW Corporation. In the financial technology sector, we advised U.K.-based Retail Decisions (ReD) on its sale to ACI Worldwide. Over the past three years, North American buyers have accounted for approximately 42% of the M&A deal volume in European technology. During that span, North American acquirers have paid median EBITDA multiples of 17.2x, compared with the 11.1x paid by European acquirers. We believe this disparity is primarily a function of the North American trade buyers’ greater focus on growth and revenue synergies, as well as a higher proportion of consolidation driven by cost synergies among the acquisitions by European buyers.

Private capital goes hunting for the “European Unicorn”: While “unicorns”—once-in-a-lifetime start-ups such as Facebook and Uber that reach stratospheric heights—have long captured the imaginations of investors in Silicon Valley, investors in Europe intensified their search for this rare species in 2014. Or so it would seem based on the fundraising amounts and valuations secured by companies such as Adyen, BlaBlaCar, and Spotify. Venture capital and growth equity firms have become extremely aggressive in valuing high-growth European start-ups that display game-changing potential. In March, we advised WorldRemit on its $40 million Series A investment from Accel Partners. This transaction illustrates the intensity with which venture capital and growth capital in Europe are chasing high-growth companies with disruptive business models.

• European IPO market sees modest activity: Although there was a slight uptick in the number of companies going public in Europe in 2014, the results were decidedly mixed and the overall volume was not large enough to reveal any continent-wide trends. In 2015 we expect the European IPO market to be defined by a search for quality offerings rather than a marked shift in quantity. We also expect some European issuers to choose to list in the United States (as our clients Criteo and Qiwi did) and others to list locally, continuing to stoke a healthy debate about the topic. What It Means for 2015 We expect to see 2014’s robust deal-making activity in European technology continue in 2015. But in an environment where “15x has become the new 12x” for private equity acquisitions of software companies, we may see some downward pressure on valuations in 2015. When looking at the fundamentals that influence banking activity, we believe 2015 will test the strength of forces on both sides of the scale. On the positive, the amount of private capital awaiting deployment continues to increase and corporate performance in Europe is generally improving. On the downside, European macroeconomic risk and geopolitical risk loom as threats, and the prospect of rising interest rates could put a damper on deal-making activity. Two trends that we expect to continue influencing how deals are getting done in European technology are the increased use of preemptive processes and a heightened level of competition that ends up limiting the field of potential bidders.

M&A SPOTLIGHT: KELWAY-CDW Creative Deal Structure Delivers Outstanding Outcome In a highly competitive environment like 2014, where multiple paths to liquidity were available, the optimal solution often involved a highly customized deal structure. Such was the case with CDW’s acquisition of a strategic stake in Kelway. CDW’s agreement to purchase 35% of Kelway in 2014 together with the debt recapitalization transaction satisfied multiple requirements for the stakeholders. Kelway’s existing private equity investor was able to exit at an exceptional return, CDW was able to cement its strategic relationship with Kelway, and the deal structure provided other Kelway shareholders near-term liquidity and a defined exit path with a strategic partner.



• Rise of the preemptive process: Many discussions we have had with sell-side clients recently center on how to prepare for a preemptive sale process involving a targeted group of potential buyers. To prepare for a preemptive process, private equity owners are getting investment bankers involved relatively early, often 12 to 18 months in advance of the targeted exit of a portfolio company. Being involved early on allows us to field inbound calls from the shortlist of buyers who make the most sense and potentially run a preemptive process with those parties before launching a formal sale process. It also gives us time to develop a dialogue and pre-marketing discussions with trade buyers in advance of any formal process. • Intense competition limits field of potential bidders: One somewhat counterintuitive characteristic of today’s deal-making environment is that, relative to a few years ago, we are seeing fewer bidders participating in sale processes. In a seller’s market, potential bidders may not enter a process unless they have a distinct angle, or justification for outbidding the competition for the asset. As a result, some potential bidders are self-selecting out of processes, but the ones who do come to the table tend to be well qualified, serious, and committed. As you think about what these trends mean for your business, William Blair’s European technology bankers are available to help you navigate this dynamic, competitive environment. With European offices in London and Frankfurt, we have been extremely active in European technology. (See a list of our recent transactions on page 15.) We look forward to working with you in 2015 and beyond. Sincerely, Raphael S. Grunschlag Head of European Technology Banking Telephone: +44 (0)20 7868 4501 Mobile: +44 (0)7768 993 085 [email protected] Access to Industry Leaders: William Blair is committed to providing the European technology community access to leading industry investors and corporations around the globe. To learn more about attending our upcoming conferences, please contact Raphael Grunschlag Technology Company Growth Conference May 14 in San Francisco An exclusive gathering of the late-stage tech community featuring more than 75 presenting companies and 200-plus mid- and large-cap corporate, business development, and strategic investors Private Equity Conference September 16-17 in Chicago One of the largest private equity conferences in North America, featuring presentations by 60-plus privately held companies and attended by more than 300 private equity investors



What’s Driving Deal-Making in European Technology Favorable conditions across private capital, public equity, debt, and M&A markets fueled a highly competitive deal-making environment in European technology in 2014. Cheap Money Fuels Deal Activity

Source: Capital IQ, rates as of year-end Historically low interest rates continue to fuel private equity firms’ ability to pay rich multiples, recapitalize existing portfolio companies, and make acquisitions with portfolio companies. Low Volatility Keeps IPO Window Open

Source: Chicago Board Options Exchange, from Federal Reserve Bank of St. LouisDespite brief spikes in September and December, volatility in equity markets stayed near 10-year lows in 2014, helping keep the IPO window open throughout most of the year. Geopolitical unrest in Russia, Ukraine, and the Middle East, however, is a constant threat to this tranquility. Record Dry Powder Drives Intense Competition for Deals

($ in billions)

Private equity dry powder globally reached a record $1.19 trillion in September 2014. The intense competition for deals in the United States, as well as gradually improving growth prospects in Europe, has driven many tech funds to expand their search to Europe. Source: Preqin, Quarterly Private Equity Update – Q3 2014

3.3% 3.5% 3.0% 3.4%1.9% 2.0% 1.8%

3.2%1.8% 1.8% 1.3% 2.0%

3.0% 3.0%1.9% 2.4%2.0% 1.6%

0.5% 0.7%0.0%0.5%1.0%1.5%2.0%2.5%3.0%3.5%4.0%

U.S. U.K. Germany France

10 - Year Goverment Bond Rates

2010 2011 2012 2013 2014

0102030405060

2010-01-01 2011-01-01 2012-01-01 2013-01-01 2014-01-01

CBOE Volatility Index (VIX)

$- $500 $1,000 $1,5002003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Private Equity Powder Dec. 2003 - Sept. 2014



European Technology M&A, 2012-2014

Buyer Location Deal Value Median EBITDA Multiple Median

(€ in millions)

Capital IQ as of December 31, 2014 Capital IQ as of December 31, 2014 Capital IQ as of December 31, 2014North American Trade Buyers Move the Needle: While European buyers continue to represent the majority of M&A deal volume in European technology, North American trade buyers have been extremely active in the space since 2012. The higher multiples that North American buyers are paying reflect these large strategic acquirers’ focus on growth and revenue synergies European Technology – Public Company Sector Valuations

Sector Median

Enterprise Value/Revenue Enterprise Value/EBITDA P/E Ratio '14A-'15E Revenue Growth

EBITDA Margin

2015E P/E/G 2014A 2015E 2014A 2015E 2014A 2015E Software 2.40x 2.18x 10.6x 9.7x 19.6x 17.3x 8.0% 23.2% 1.3x Financial Technology 2.65x 2.22x 11.2x 11.3x 22.4x 20.5x 10.6% 19.4% 1.2x Communications 1.13x 1.02x 9.0x 7.8x 19.3x 16.2x 4.7% 14.0% 0.6x Internet / Digital Media 2.29x 1.85x 12.5x 8.4x 21.1x 17.9x 14.9% 21.8% 1.2x Technology Services 0.84x 0.79x 8.2x 7.2x 15.2x 12.6x 5.7% 11.3% 1.0x Semiconductors 2.09x 1.57x 8.6x 9.8x 20.4x 17.0x 10.9% 21.7% 0.8x Applied Technologies and Systems 1.73x 1.46x 14.0x 9.2x 30.0x 19.0x 8.6% 15.7% 0.6x Source: Capital IQ as of December 31, 2014

Europe (55%)North America(42%)Asia & Rest ofWorld (3%)

€ -€ 20 € 40 € 60 € 80 € 100 € 120 € 140 € 160 € 180

Deal value (media)

European buyersNorth Americanbuyers

0.0x2.0x4.0x6.0x8.0x10.0x12.0x14.0x16.0x18.0x20.0x

EBITDA Multiple

European buyers(11.1x)North Americanbuyers (17.2x)


Quarterly European Technology Report Contents

Contents William Blair European Technology Momentum ...................................................................................................................................................................... 1 William Blair 2015 Technology Growth Conference ............................................................................................................................................................... 2 William Blair Technology Team ....................................................................................................................................................................................................... 3 Technology Research Coverage ........................................................................................................................................................................................................ 4 Market Snapshot ..................................................................................................................................................................................................................................... 5 Public Company Analysis ..................................................................................................................................................................................................................... 6 Selected M&A Transactions .............................................................................................................................................................................................................. 15 Selected Private Capital Financings, IPOs and Follow-on Offerings ................................................................................................................................ 22 Notes .......................................................................................................................................................................................................................................................... 33 Disclosures ............................................................................................................................................................................................................................................... 34


Quarterly European Technology Report William Blair European Technology Momentum 1

William Blair European Technology Momentum

M&A and Private Placements IPO and Public Offerings

Financial advisor

to Access Financial advisor to

Kelway Lead financial advisor andRule 3 advisor to Allocate

Financial advisor to Sage Financial advisor to ReD

and Palamon Financial advisor to

McKesson

Financial advisor to

WorldRemit Financial advisor to

eCommera Financial advisor to Isotrak and Saints

Chamonix PE

£110,000,000has been acquired by

HgCapitalOctober 2014

$98,624,000Initial Public Offering

September 2014

$318,933,200$287,540,153Follow-on OfferingsJune 2014October 2013

$157,800,000has acquiredPay Choice

(PAI Group, Inc)October 2014

$205,000,000has been acquired by

ACI WorldwideAugust 2014

Not Disclosedhas divested its European Healthcare SoftwareBusinesses to

Symphony Technology GroupJune 2014

$226,250,000Follow-on Offering

March 2014

$32,200,000Follow-on Offering

March 2014

$41,000,000Private EquityPlacement

Led by Dawn Capital February 2014

Not Disclosedhas been acquired by

Lyceum Capital PartnersAugust 2013

$40,609,375Confidentially Marketed Follow-on OfferingNovember 2013


October 2013


May 2013


Quarterly European Technology Report 2 William Blair 2015 Technology Growth Conference

William Blair 2015 Technology Growth Conference

Thursday, May 14, 2015 at the Palace Hotel in San Francisco

Summary Over 350 Professionals Attended Last Year

• Exclusive full-day gathering of the late-stage tech community • Attendees:

– CEOs of leading private tech companies – Executives from the most active corporate acquirers – Leading growth equity, late-stage, and public investors in the tech sector

• Benefits: – 25-minute presentation and full day of one-on-one meetings – Explore strategic partnership opportunities – Attend private update meetings with companies of interest – Discover new, interesting acquisition and investment opportunities – Gain direct access to thought leaders in the industry

• About 70 late-stage private presenting companies • 200-plus mid- and large-cap corporate, business development, and strategic investors

• 60-plus late-stage technology investors:

®

E Q U I T Y I N V E S T O R S

SPECTRUM

18th Annual Private Equity Conference September 16-17, 2015, at the Four Seasons Hotel in Chicago 2014 Event Highlights

• 63 participating companies • More than 500 registered institutional private equity and venture capital investors from 320 firms • Roundtable discussions focused on the following industry sectors and topics:

– Business services, commercial services, consumer and retail, financial services, healthcare, industrials, and technology • Approximately 755 one-on-one meetings between private equity investors and company management

Selected 2014 Presenting Companies


Quarterly European Technology Report William Blair Technology Team 3

William Blair Technology Team

Robert Metzger Group Head, Technology & Financial Services

Chris LaneManaging Director

Daniel ConnollyManaging Director

Scott MattsonManaging Director

Robert Abbe Managing Director

Per StahlManaging Director

Katan D’SouzaManaging Director

Scott StevensManaging Director

Daniel Daul Managing Director

Raphael GrunschlagManaging Director

Andy KayeManaging Director

John KiblerManaging Director

Karl Palasz Managing Director

Joe SchauenbergManaging Director

Andrew ArnoDirector

Phil OlsonDirector

Holly Fulp Director

Corey RyanDirector

James SuprenantDirector


Quarterly European Technology Report 4 Technology Research Coverage

Technology Research Coverage

SaaS, Software and IT and Business Process Services

Bhavan Suri Communication Services

Jim Breen IT, Business Process Services, Semiconductors and Wireless Communications

Anil Doradla Communication Equipment, Data Networking and Storage

Jason Ader Dmitry Netis SaaS Digital Media Security

Justin Furby

Ralph Schackart Jonathan Ho


Quarterly European Technology Report Market Snapshot 5

Market Snapshot

2010 2011 2012 2013 2014 2015E

Real GDP Growth Rate Europe 2.0% 1.4% (0.7%) (0.4%) 0.8% 1.3% United Kingdom 1.8% 0.9% 0.3% 1.7% 3.2% 2.7% Germany 4.0% 3.1% 0.9% 0.5% 1.4% 1.5% France 1.7% 1.7% 0.3% 0.3% 0.4% 1.0% Italy 1.7% 0.4% (2.4%) (1.9%) (2.0%) 0.8% Spain (0.3%) 0.4% (1.6%) (1.2%) 1.3% 1.7% Emerging Europe(1) 4.6% 5.2% 1.4% 2.8% 2.7% 2.9%

United States 2.4% 1.8% 2.8% 1.9% 2.2% 3.1%

2010 2011 2012 2013 2014

Technology Equity Stoxx Europe 600 Technology 8.6% (11.3%) 14.4% 17.4% 4.4% FTSE techmark 100 Index 18.1% (0.7%) 18.0% 10.2% 0.2% Nasdaq Composite 16.9% (1.8%) 15.9% 38.3% 13.4% Equity Markets Euro STOXX 50 (5.8%) (17.1%) 13.8% 17.9% 1.2% FTSE 100 9.0% (5.6%) 5.8% 14.4% (2.7%) CAC 40 (3.3%) (17.0%) 15.2% 18.0% (0.5%) Deutsche Börse AG German Stock Index DAX 16.1% (14.7%) 29.1% 25.5% 2.7% Ibex 35 Index (17.4%) (13.1%) (4.7%) 21.4% 3.7% FTSE MIB Index (13.2%) (27.6%) 5.3% 12.1% 0.4% AEX Index 5.7% (11.9%) 9.7% 17.2% 5.6% OMX Stockholm 30 Index 21.4% (14.5%) 11.8% 20.7% 9.9% Swiss Market Index (1.7%) (7.8%) 14.9% 20.2% 9.5% Volatility VIX Index 17.8 23.4 22.7 13.7 19.2

Government Bond Data(2) US 10 year 3.3% 1.9% 1.8% 3.0% 2.0% UK 10 year 3.5% 2.0% 1.8% 3.0% 1.6% Germany 10 year 3.0% 1.8% 1.3% 1.9% 0.5% France 10 year 3.4% 3.2% 2.0% 2.4% 0.7% Note (1): Emerging Europe includes countries Turkey, Poland, Romania, Hungary, Bulgaria, Serbia, Croatia, Lithuania, Latvia (IMF, World Economic Outlook)Note (2): Government bond data is as of year end Sources: Capital IQ as of December 31, 2014 and IMF


Quarterly European Technology Report 6 Public Company Analysis

Public Company Analysis

European Technology Indexed Stock Price Performance (LTM)

Source: Capital IQ as of December 31, 2014 European Technology Sector Valuation Overview

Sector Median

Enterprise Value/Revenue Enterprise Value/EBITDA P/E Ratio '14A-'15E Revenue Growth

EBITDA Margin

2015E P/E/G 2014A 2015E 2014A 2015E 2014A 2015E Software 2.40x 2.18x 10.6x 9.7x 19.6x 17.3x 8.0% 23.2% 1.3x Financial Technology 2.65x 2.22x 11.2x 11.3x 22.4x 20.5x 10.6% 19.4% 1.2x Communications 1.13x 1.02x 9.0x 7.8x 19.3x 16.2x 4.7% 14.0% 0.6x Internet / Digital Media 2.29x 1.85x 12.5x 8.4x 21.1x 17.9x 14.9% 21.8% 1.2x Technology Services 0.84x 0.79x 8.2x 7.2x 15.2x 12.6x 5.7% 11.3% 1.0x Semiconductors 2.09x 1.57x 8.6x 9.8x 20.4x 17.0x 10.9% 21.7% 0.8x Applied Technologies and Systems 1.73x 1.46x 14.0x 9.2x 30.0x 19.0x 8.6% 15.7% 0.6x Source: Capital IQ as of December 31, 2014

50.0 75.0 100.0 125.0 150.0STOXX Europe 600 (+8.0%) NASDAQ Composite Index (+14.3%) Software (-7.0%)Fintech (-5.4%) Communications (-5.7%) Internet/Digital Media (-32.9%)Technology Service (-2.8%) Semiconductors (+13.0%) Systems/Applied Technologies (-23.8%)


Quarterly European Technology Report Public Company Analysis 7

Publicly Traded European Technology Companies

Market Capitalization

Number of Companies

All Transactions (Combined M&A and Private Financings)

Transaction Value

Number of Transactions

27%

16%15%

15%12%4%4%1%6% GermanyBeneluxUnited KingdomNordic CountriesFranceSpainIsraelRussiaOther

29%

23%19%12%

11% 6% 1% SoftwareSemiconductorsCommunicationsTechnology ServicesInternet/Digital MediaFinancial TechnologyApplied Technologiesand Systems

30%

17%16%13%7%4%3%1% 8% United KingdomGermanyFranceNordic CountriesBeneluxSwitzerlandIsraelRussiaOther

21%

21%15%15%

11%11% 7% SoftwareTechnology ServicesInternet/Digital MediaFinancial TechnologyCommunicationsSemiconductorsApplied Technologiesand Systems

25%

21%10%6%5%3%2%1%

27% Nordic CountriesUnited KingdomBeneluxGermanyFranceItalyCzech RepublicSpainOther

34%

17%14%11%11%

10% 3% SoftwareInternet/Digital MediaCommunicationsTechnology ServicesFinancial TechnologySemiconductorsApplied Technologiesand Systems

33%

12%12%9%8%3%2%2%

19% United KingdomGermanyNordic CountriesBeneluxFranceItalySwitzerlandSpainOther

31%

20%19%13%

7% 5% 5% SoftwareInternet/Digital MediaFinancial TechnologyTechnology ServicesCommunicationsSemiconductorsApplied Technologiesand Systems



Software

Company

Share Price (Local Currency) 31/12/2014

% of 52 Week High

Market Value (€MM)

Enterprise Value (€MM)

Enterprise Value/ Revenue

Enterprise Value/ EBITDA P/E Ratio '14A-'15E

Revenue Growth

EBITDA Margin

2015E P/E/G 2014A 2015E 2014A 2015E 2014A 2015E

Enterprise Value > €1bn SAP SE 58.34 93% €69,686 €70,721 4.05x 3.74x 11.8x 10.8x 16.3x 15.3x 8.1% 34.8% 2.5x Dassault Systemes SA 50.54 96% €12,715 €11,941 5.12x 4.56x 15.5x 13.5x 28.4x 24.9x 12.4% 33.9% 1.7x Check Point Software Technologies Ltd. 78.57 98% €12,384 €11,360 9.22x 8.66x 15.9x 14.9x 21.1x 19.2x 8.1% 58.2% 2.4x Sage Group plc 4.66 99% €6,456 €6,967 4.06x 3.79x 13.6x 12.7x 20.1x 18.3x 6.3% 29.9% 2.4x Amdocs Limited 46.66 96% €6,008 €5,005 1.68x 1.62x 8.3x 8.1x 14.4x 13.4x 5.3% 20.1% 2.4x Micro Focus International plc 10.80 93% €3,012 €3,220 3.47x 2.13x 8.4x 5.2x 13.9x 12.1x 62.6% 40.7% 0.2x NICE Systems Ltd. 197.10 98% €2,520 €2,360 11.01x 10.32x NMF NMF 17.9x 16.4x 8.3% 23.2% 1.6x Software AG 20.20 69% €1,594 €1,697 1.96x 1.94x 7.4x 7.1x 10.9x 10.3x 0.8% 27.3% 2.1x Asseco Poland Spólka Akcyjna 51.00 95% €987 €1,510 1.06x 1.03x 7.2x 7.0x 12.1x 12.1x 2.9% 14.7% NMF Opera Software ASA 95.00 98% €1,486 €1,428 3.89x 2.66x 16.0x 10.3x 35.9x 19.3x 46.0% 25.9% 0.2x CompuGroup Medical AG 19.90 94% €990 €1,327 2.56x 2.45x 12.9x 10.9x 16.5x 13.6x 4.5% 22.5% 0.3x Median 3.89x 2.66x 12.3x 10.5x 16.5x 15.3x 8.1% 27.3% 1.9x

Average 4.37x 3.90x 11.7x 10.0x 18.9x 15.9x 15.0% 30.1% 1.6x

Enterprise Value between €200m and €1bn Aveva Group plc 13.14 56% €1,080 €930 3.34x 3.26x 10.6x 10.3x 16.4x 15.7x 1.5% 31.5% 9.8x Advanced Computer Software Group 1.39 99% €856 €905 3.25x 3.05x 14.0x 13.0x 19.6x 19.1x 8.1% 23.5% NMF Nemetschek AG 83.61 98% €805 €743 3.46x 2.86x 13.7x 11.6x 27.1x 22.2x 21.0% 24.7% 1.2x EMIS Group PLC 8.70 100% €704 €710 4.05x 3.72x 12.7x 11.8x 21.6x 20.0x 7.9% 31.6% 3.3x Exact Holding NV 31.70 99% €723 €671 3.23x 3.15x 15.6x 14.6x 25.7x 24.9x 2.7% 21.6% 4.5x BasWare Oyj 41.05 98% €581 €526 4.06x 3.46x NMF 17.8x NMF 34.3x 17.2% 19.5% NMF SDL plc 4.15 100% €433 €430 1.24x 1.18x 15.9x 12.2x 30.9x 21.4x 4.8% 9.6% 0.5x Myriad Group AG 4.27 84% €361 €363 N/A N/A N/A N/A NMF NMF N/A NMF NMF Axway Software S.A. 16.50 57% €339 €362 1.39x 1.27x 8.9x 7.7x 11.2x 10.3x 9.4% 16.4% 1.0x RIB Software AG 11.03 79% €464 €334 4.87x 3.64x 10.5x 10.4x 24.1x 26.0x 33.8% 34.9% NMF Cegid Group SA 30.21 91% €264 €316 1.20x 1.17x 4.4x 4.3x 12.8x 12.0x 2.2% 27.1% NMF F-Secure Oyj 2.25 78% €351 €299 1.93x 1.88x 9.8x 8.3x 21.0x 19.4x 2.4% 22.6% 2.3x Anite plc 0.80 74% €296 €258 1.64x 1.54x 7.4x 6.4x 15.6x 12.8x 6.2% 24.2% 0.6x Lectra SA 9.14 97% €277 €245 1.16x 1.07x 9.9x 8.0x 19.9x 15.3x 8.3% 13.4% 0.5x Vizrt Ltd. 35.40 96% €266 €230 14.30x 12.51x NMF NMF 15.8x 12.7x 16.0% 23.2% 0.5x Comarch Spólka Akcyjna 115.50 100% €219 €222 0.95x 0.93x 9.4x 8.3x 23.3x 18.4x 2.2% 11.2% 1.6x Init Innovation in Traffic Systems AG 20.51 80% €205 €205 1.90x 1.73x 9.4x 8.5x 15.4x 13.9x 9.8% 20.5% 1.3x Median 2.58x 2.37x 10.2x 10.3x 19.9x 18.7x 8.0% 22.9% 1.2x

Average 3.25x 2.90x 10.9x 10.2x 20.0x 18.7x 9.6% 22.2% 2.2x

Enterprise Value below €200m IDOX plc 0.40 87% €182 €194 2.47x 2.36x 9.0x 8.2x 14.0x 12.9x 4.9% 28.7% NMF Realtime Technology AG 43.00 100% €192 €179 N/A N/A N/A N/A NMF NMF N/A NMF NMF PSI AG 11.91 81% €186 €171 0.96x 0.89x 13.1x 9.6x 35.0x 19.6x 7.4% 9.2% 0.3x Mensch und Maschine Software SE 6.44 100% €99 €134 0.96x 0.88x 11.8x 9.9x 18.6x 15.0x 8.5% 8.9% 0.6x Sword Group SE 17.50 87% €164 €134 1.15x 1.06x 6.9x 6.4x 14.1x 13.3x 8.1% 16.5% 1.4x ESI Group SA 21.69 74% €120 €130 1.13x 1.03x 13.1x 9.6x 24.1x 16.5x 10.4% 10.7% 0.4x Allocate Software plc. 1.56 98% €141 €123 N/A N/A 14.0x 13.4x 19.7x 20.0x N/A NMF NMF ATOSS Software AG 32.50 96% €129 €109 2.83x 2.62x 11.0x 9.7x 20.6x 18.3x 8.1% 27.1% 1.3x Comptel Oyj 0.99 100% €105 €105 1.28x 1.24x 7.4x 7.1x 30.4x 21.8x 3.6% 17.3% 0.9x Microgen plc 1.19 85% €114 €88 2.33x 2.23x 8.5x 8.1x 19.3x 18.0x 3.7% 27.7% NMF INTERSHOP Communications AG 1.07 50% €32 €27 0.55x 0.52x N/A N/A NMF NMF 7.1% 0.0% NMF Median 1.15x 1.06x 11.0x 9.6x 19.7x 18.0x 7.4% 16.5% 0.7x

Average 1.52x 1.43x 10.5x 9.1x 21.8x 17.3x 6.9% 16.2% 0.8x

Overall Median 2.40x 2.18x 10.6x 9.7x 19.6x 17.3x 8.0% 23.2% 1.3x

Overall Average 3.16x 2.84x 11.0x 9.9x 20.1x 17.5x 10.6% 23.1% 1.7x Source: Capital IQ as of December 31, 2014



Financial Technology

Company


% of 52 Week High





Revenue Growth

EBITDA Margin

2015E P/E/G 2014A 2015E 2014A 2015E 2014A 2015E

Enterprise Value > €1bn Ingenico S.A. 87.28 99% €4,988 €5,243 3.37x 2.60x 15.2x 11.8x 26.4x 20.7x 29.6% 22.0% 0.7x Markit Ltd. 26.43 98% €3,967 €4,351 4.95x 4.76x 10.9x 11.0x 17.2x 17.9x 5.6% 43.3% 6.3x Wirecard AG 36.46 100% €4,502 €3,841 6.36x 5.13x 22.3x 17.5x 39.3x 28.9x 24.1% 29.3% 0.8x Worldline S.A. 16.00 94% €2,111 €2,213 1.92x 1.83x 10.4x 9.5x 18.6x 16.9x 4.8% 19.3% 1.4x Temenos Group AG 35.50 98% €1,949 €2,078 5.05x 4.63x 14.8x 13.4x 26.2x 22.3x 10.6% 34.6% 1.1x Wincor Nixdorf Aktiengesellschaft 40.21 69% €1,199 €1,328 0.54x 0.53x 6.2x 6.4x 11.9x 12.4x 2.6% 8.2% NMF Fidessa group plc 23.90 91% €1,169 €1,095 3.06x 2.92x 12.2x 11.7x 30.1x 28.2x 3.8% 25.1% 3.5x Median 3.37x 2.92x 12.2x 11.7x 26.2x 20.7x 5.6% 25.1% 1.3x

Average 3.61x 3.20x 13.1x 11.6x 24.2x 21.1x 11.6% 26.0% 2.3x

Enterprise Value Between €200m and €1bn SimCorp A/S 162.50 72% €897 €869 27.00x 25.41x NMF NMF 23.4x 20.0x 6.3% 26.3% 2.1x PayPoint plc 9.00 75% €788 €751 2.51x 2.56x 11.2x 10.2x 16.0x 14.6x (2.7%) 25.0% 1.5x Optimal Payments Plc 3.43 64% €718 €573 1.91x 1.48x 8.2x 6.3x 14.4x 11.9x 27.8% 23.6% 0.4x Monitise plc 0.25 32% €693 €505 3.64x 2.57x NMF NMF NMF NMF 40.6% NMF NMF First Derivatives plc 12.73 80% €354 €365 3.55x 3.00x 19.7x 16.0x 32.9x 26.7x 20.2% 18.7% 2.6x Tungsten Corporation Plc 2.84 71% €378 €298 8.66x 3.19x N/A 16.4x NMF 22.7x NMF 19.5% NMF Earthport plc 0.44 89% €268 €256 12.92x 7.24x NMF NMF NMF NMF 77.0% 18.0% NMF Sapiens International Corporation N.V. 7.37 87% €290 €253 1.94x 1.67x 14.2x 12.3x 22.4x 17.3x 18.2% 13.5% 0.6x Crossrider Plc 1.10 98% €210 €250 2.79x 1.88x 14.8x 21.8x 28.4x 36.1x 50.2% 8.6% NMF Quindell Plc 0.40 6% €222 €227 0.22x 0.16x 0.5x 0.3x 0.9x 0.6x 39.1% 47.0% 0.0x Linedata Services SA 22.42 83% €160 €206 1.30x 1.26x 5.3x 5.0x 10.5x 9.5x 3.0% 25.1% 0.7x Median 2.79x 2.56x 11.2x 11.3x 19.2x 17.3x 24.0% 21.5% 0.7x

Average 6.04x 4.58x 10.6x 11.0x 18.6x 17.7x 28.0% 22.5% 1.1x

Enterprise Value Below €200m Rentabiliweb Group SA 6.64 57% €115 €104 1.45x 1.28x 28.0x 12.9x NMF 25.2x 13.0% 10.0% NMF DIBS Payment Services AB 83.25 98% €84 €79 4.14x 3.79x 16.2x 13.8x 30.3x 23.9x 9.4% 27.5% 0.8x Bango PLC 1.17 61% €78 €75 N/A N/A N/A N/A NMF NMF N/A NMF NMF Brady plc 0.79 95% €83 €75 1.79x 1.67x 10.2x 9.0x 15.9x 14.1x 6.3% 18.5% 1.3x StatPro Group plc 0.73 81% €63 €59 1.46x 1.42x 10.7x 9.5x 23.7x 20.5x 2.0% 14.9% 1.3x Gresham Computing plc 0.85 60% €69 €63 3.80x 3.27x NMF 17.4x NMF 22.8x 15.5% 18.8% NMF Hi-Media S.A. 2.50 89% €112 €40 0.23x 0.22x NMF 5.4x NMF 47.3x 4.1% 4.2% NMF COR&FJA AG 1.31 97% €53 €34 0.33x 0.32x 3.8x 3.5x 5.7x 12.7x 4.2% 9.1% NMF Seamless Distribution AB 11.45 24% €51 €32 1.81x 1.61x NMF NMF NMF NMF 12.7% NMF NMF Median 1.63x 1.51x 10.7x 9.5x 19.8x 22.8x 7.9% 14.9% 1.3x

Average 1.88x 1.70x 13.8x 10.2x 18.9x 23.8x 8.4% 14.7% 1.1x





Communications

Company


% of 52 Week High





Revenue Growth

EBITDA Margin

2015E P/E/G 2014A 2015E 2014A 2015E 2014A 2015E

Enterprise Value > €1bn Ericsson 94.35 98% €32,094 €27,620 1.14x 1.10x 9.6x 7.8x 18.9x 14.9x 4.2% 14.0% 0.6x Nokia Corporation 6.56 96% €23,932 €18,968 1.49x 1.44x 10.3x 9.6x 23.2x 20.1x 3.2% 14.9% 1.4x Alcatel-Lucent 2.97 87% €8,375 €9,345 0.71x 0.68x 7.5x 6.0x NMF 16.0x 3.7% 11.3% NMF Gemalto NV 67.93 75% €5,887 €5,529 2.21x 1.93x 12.1x 10.0x 19.6x 16.2x 14.8% 19.3% 0.7x Logitech International SA 13.45 91% €1,826 €1,428 0.81x 0.79x 7.9x 8.3x 21.2x 17.1x 3.0% 9.5% NMF Pace plc 3.47 72% €1,388 €1,514 0.71x 0.69x 7.0x 6.5x 10.4x 9.7x 1.6% 10.6% 1.1x Axis AB 199.60 86% €1,464 €1,418 N/A N/A N/A N/A NMF NMF N/A NMF NMF Median 1.14x 1.10x 8.1x 7.8x 19.3x 16.0x 3.7% 14.0% 0.9x

Average 1.17x 1.11x 8.9x 7.9x 18.0x 15.3x 5.0% 13.6% 0.9x

Enterprise Value Between €300m and €1bn Kudelski SA 12.10 73% €542 €761 1.01x 0.97x 7.7x 7.2x 18.0x 12.1x 4.2% 13.5% 0.3x u-blox Holding AG 137.40 96% €753 €723 3.19x 2.59x 15.0x 12.0x 30.8x 24.7x 23.2% 21.6% 1.0x Jenoptik AG 10.37 76% €593 €660 1.11x 1.02x 9.0x 7.9x 15.3x 12.7x 8.4% 12.9% 0.6x Spirent Communications Plc. 0.76 68% €597 €463 1.24x 1.17x 9.5x 7.8x 23.9x 17.4x 5.3% 15.0% 0.4x Ascom Holding AG 15.25 82% €443 €438 1.17x 1.12x 8.1x 7.3x 14.8x 13.5x 4.2% 15.4% 0.9x EVS Broadcast Equipment S.A. 29.89 62% €403 €393 2.99x 3.25x 8.3x 11.1x 13.1x 17.4x (8.2%) 29.3% NMF Telit Communications PLC 2.41 87% €353 €364 0.92x 0.77x 7.4x 5.6x 18.9x 13.5x 22.2% 13.7% 0.3x Median 1.17x 1.10x 8.7x 7.9x 18.4x 15.4x 6.9% 14.4% 0.4x

Average 1.74x 1.63x 9.5x 8.6x 20.0x 16.3x 9.2% 17.7% 0.5x

Enterprise Value Below €300m Sepura PLC 1.47 97% €260 €274 2.12x 1.95x 16.3x 13.7x 19.7x 16.2x 8.3% 14.2% 0.9x Parrot S.A. 21.27 93% €258 €189 0.79x 0.74x 13.5x 6.9x NMF 31.6x 7.3% 10.7% NMF Transmode AB 73.50 64% €215 €186 1.96x 1.88x 16.6x 11.4x 34.2x 22.6x 4.7% 16.4% 0.4x Globo Plc 0.40 56% €192 €145 1.13x 0.93x 2.4x 1.7x 6.3x 4.6x 22.1% 54.1% 0.1x ADVA Optical Networking SE 2.99 71% €144 €98 0.29x 0.27x 2.6x 2.3x 26.9x 16.5x 5.5% 11.9% 0.2x Netgem SA 2.02 53% €80 €38 0.53x 0.55x 17.3x 13.6x NMF NMF (5.0%) 4.1% NMF Median 0.96x 0.83x 14.9x 9.2x 23.3x 16.5x 6.4% 13.0% 0.3x

Average 1.14x 1.05x 11.4x 8.3x 21.7x 18.3x 7.2% 18.5% 0.4x





Internet/Digital Media

Company


% of 52 Week High





Revenue Growth

EBITDA Margin

2015E P/E/G 2014A 2015E 2014A 2015E 2014A 2015E

Enterprise Value > €1bn Rocket Internet AG 51.39 91% €7,869 €7,792 NMF 39.13x 25.9x NMF NMF NMF 66.1% NMF NMF United Internet AG 37.54 100% €7,653 €7,805 2.59x 2.19x 12.8x 10.7x 21.3x 19.7x 18.3% 20.5% 6.8x Zalando SE 25.50 99% €6,241 €5,255 2.37x 1.92x NMF NMF NMF NMF 23.1% 4.8% NMF Yandex N.V. 17.96 41% €4,723 €4,756 5.47x 4.16x 12.7x 10.0x 19.1x 15.2x 33.3% 41.6% 0.6x King Digital Entertainment plc 15.36 68% €4,057 €3,251 1.77x 1.85x 4.4x 4.9x 6.3x 7.2x (3.0%) 38.1% NMF Rightmove plc 22.48 80% €2,800 €2,792 13.23x 11.95x 18.0x 16.1x 23.6x 20.7x 9.8% 74.1% 1.8x ASOS plc 25.76 37% €2,750 €2,654 2.02x 1.69x N/A N/A 56.8x 55.6x 21.4% 0.0% 9.5x Mail.ru Group 16.30 37% €2,816 €2,175 3.96x 3.23x 7.5x 6.4x 13.4x 12.3x 24.5% 50.7% 1.2x JUST EAT plc 3.10 89% €2,265 €2,067 10.77x 8.51x NMF NMF NMF 59.1x 25.6% 26.3% 0.9x Ubisoft Entertainment SA 15.17 99% €1,635 €1,679 1.17x 1.07x 3.1x 2.5x 23.4x 12.1x 9.3% 42.8% 0.1x Moneysupermarket.com Group PLC 2.34 100% €1,642 €1,669 5.28x 4.93x 14.3x 13.0x 19.6x 18.1x 6.2% 37.9% 2.8x AO World Plc 2.80 74% €1,519 €1,463 2.38x 1.81x NMF NMF NMF NMF 30.1% 3.9% NMF Zoopla Property Group Plc 1.97 73% €1,043 €1,003 9.46x 8.46x 19.0x 16.2x 26.7x 22.8x 10.9% 52.3% 1.2x Median 3.28x 3.23x 12.8x 10.3x 21.3x 18.9x 21.4% 38.0% 1.2x

Average 5.04x 6.99x 13.1x 10.0x 23.4x 24.3x 21.2% 32.7% 2.8x

Enterprise Value Between €200m and €1bn XING AG 92.81 88% €518 €454 4.60x 4.05x 15.9x 12.3x 36.3x 27.1x 13.6% 32.8% 0.7x Matomy Media Group Ltd. 2.33 97% €268 €313 1.02x 0.79x 12.5x 7.2x 18.7x 12.4x 31.1% 11.1% NMF Tomorrow Focus AG 3.77 85% €220 €251 1.26x 1.18x 10.9x 9.3x 20.9x 17.5x 7.3% 12.7% 0.3x GameLoft SE 3.34 40% €286 €229 0.96x 0.84x 12.4x 6.2x NMF 19.0x 14.9% 13.6% NMF auFeminin.com 25.49 69% €232 €204 N/A N/A N/A N/A NMF NMF N/A NMF NMF Median 1.14x 1.01x 12.5x 8.2x 20.9x 18.2x 14.2% 13.2% 0.5x

Average 1.96x 1.71x 13.0x 8.7x 25.3x 19.0x 16.7% 17.5% 0.5x

Enterprise Value Below €200m Progressive Digital Media Group PLC 2.03 74% €199 €192 2.33x 2.03x 12.4x 8.8x 22.6x 15.4x 14.3% 23.1% 0.3x LeGuide.com S.A. 31.00 80% €112 €83 N/A N/A N/A N/A NMF NMF N/A NMF NMF Viadeo S.A. 6.38 43% €63 €69 2.25x 1.83x NMF NMF NMF NMF 23.0% NMF NMF Triboo Media S.p.A. 3.80 67% €60 €48 1.73x 1.60x 9.1x 8.1x 20.0x 17.9x 8.1% 19.9% 1.6x Blinkx plc 0.27 12% €137 €46 0.16x 0.15x N/A 2.1x 28.5x NMF 2.6% 7.4% NMF TradeDoubler AB 10.25 51% €46 €28 0.15x 0.14x 8.4x 5.2x NMF NMF 10.0% 2.7% NMF blur Group plc 0.65 8% €39 €21 1.38x 0.70x NMF NMF NMF NMF 98.9% NMF NMF Velti Plc 0.02 19% €1 €11 N/A N/A N/A N/A NMF NMF N/A NMF NMF Cupid plc 0.19 27% €17 €2 N/A N/A N/A N/A NMF NMF N/A NMF NMF Babylon Ltd. 1.85 21% €18 -€2 N/A N/A N/A N/A 2.5x 3.2x N/A NMF NMF Median 1.56x 1.15x 9.1x 6.6x 21.3x 15.4x 12.1% 13.6% 1.0x

Average 1.34x 1.08x 10.0x 6.0x 18.4x 12.1x 26.1% 13.3% 1.0x





Technology Services

Company


% of 52 Week High





Revenue Growth

EBITDA Margin

2015E P/E/G 2014A 2015E 2014A 2015E 2014A 2015E

Enterprise Value > €1bn Amadeus IT Holding SA 33.09 100% €14,733 €16,254 4.79x 4.47x 12.4x 11.7x 21.2x 19.7x 7.2% 38.3% 2.5x Cap Gemini S.A. 59.48 96% €9,442 €9,339 0.89x 0.85x 8.4x 7.7x 16.6x 14.9x 4.2% 11.1% 1.3x Atos SE 66.30 94% €7,608 €7,573 0.84x 0.75x 7.9x 6.7x 14.8x 12.6x 11.7% 11.2% 0.7x Telecity Group plc 8.05 97% €2,100 €2,483 5.55x 5.02x 11.7x 10.6x 20.7x 18.4x 9.7% 47.5% 1.4x Indra Sistemas, S.A. 8.07 55% €1,324 €2,061 0.71x 0.68x 7.7x 7.2x 12.1x 10.5x 3.3% 9.4% 0.9x Interxion Holding NV 27.34 94% €1,562 €2,012 7.14x 6.45x 16.6x 14.6x 41.6x 36.6x 10.6% 44.1% 2.1x Tieto Oyj 21.51 97% €1,574 €1,612 1.06x 1.07x 8.5x 7.4x 39.3x 14.4x (1.0%) 14.4% 2.3x Altran Technologies S.A. 7.85 93% €1,373 €1,518 0.87x 0.83x 8.4x 7.3x 13.3x 11.2x 5.0% 11.3% 0.6x Sopra Group 63.50 67% €1,243 €1,440 0.57x 0.42x 7.2x 4.7x 11.7x 9.4x 35.9% 8.9% 0.2x Bechtle AG 65.98 100% €1,386 €1,358 0.54x 0.50x 10.3x 9.6x 18.0x 16.4x 7.2% 5.3% 1.9x Alten SA 35.35 91% €1,167 €1,152 0.84x 0.79x 8.4x 7.7x 13.9x 12.6x 5.6% 10.3% 1.4x Median 0.87x 0.83x 8.4x 7.7x 16.6x 14.4x 7.2% 11.2% 1.4x

Average 2.16x 1.99x 9.8x 8.7x 20.3x 16.1x 9.0% 19.2% 1.4x

Enterprise Value Between €300m and €1bn Atea ASA 77.00 100% €885 €968 0.36x 0.35x 9.2x 8.0x 14.5x 12.3x 3.4% 4.4% 0.4x ComputaCenter plc 5.87 82% €1,025 €956 0.24x 0.23x 6.0x 6.0x 13.0x 12.3x 2.1% 3.9% 3.0x EVRY ASA 15.90 90% €469 €804 0.53x 0.52x 4.9x 4.7x NMF 7.2x 2.5% 11.1% NMF IBS Group Holding Limited 25.50 85% €577 €599 N/A N/A N/A N/A 15.2x 11.1x N/A NMF 0.3x NCC Group plc. 2.06 88% €553 €584 3.90x 3.51x 16.1x 14.3x 23.6x 21.2x 12.7% 24.5% NMF Reply S.p.A. 60.90 92% €570 €563 0.88x 0.81x 6.8x 6.0x 13.9x 12.0x 8.8% 13.5% 0.7x AT&S Austria AG 8.90 86% €346 €526 0.88x 0.87x 4.0x 4.0x 8.9x 9.9x 2.0% 21.8% NMF Cancom SE 35.48 90% €528 €510 0.63x 0.63x 9.7x 9.0x 27.5x 20.2x 0.7% 7.0% NMF Xchanging PLC 1.56 82% €489 €369 0.67x 0.63x 3.5x 3.0x 15.1x 12.1x 6.0% 21.0% 0.4x GFT Technologies AG 12.42 99% €327 €368 1.01x 0.85x 10.6x 8.8x 17.3x 14.5x 19.2% 9.6% 0.8x GFI Informatique S.A. 5.29 75% €285 €367 0.46x 0.43x 6.0x 5.8x 12.4x 10.8x 5.3% 7.5% 1.3x Median 0.65x 0.63x 6.4x 6.0x 14.8x 12.1x 4.3% 10.4% 0.7x

Average 0.96x 0.88x 7.7x 7.0x 16.1x 13.0x 6.3% 12.4% 1.0x

Enterprise Value Below €300m iomart Group plc 1.70 58% €234 €258 3.16x 2.82x 7.2x 6.4x 14.2x 12.2x 11.3% 44.0% 0.9x Neurones SA 13.86 89% €332 €245 0.69x 0.67x 6.1x 6.2x 17.5x 17.3x 2.8% 10.8% NMF HiQ International AB 41.10 100% €231 €222 1.54x 1.41x 13.3x 10.7x 20.1x 16.0x 9.7% 13.2% 0.6x Phoenix IT Group PLC 1.33 99% €142 €215 0.75x 0.76x 6.0x 5.8x 15.4x 14.9x (1.7%) 13.0% 9.8x iEnergizer Limited 0.55 22% €108 €186 0.97x 0.95x 4.8x 4.8x 7.9x NMF 4.1% 19.5% NMF Tessi SA 91.70 87% €257 €163 0.65x 0.62x 3.7x 3.5x 11.4x 10.4x 5.7% 17.8% 1.1x Acando AB 13.30 86% €144 €151 0.75x 0.56x 11.9x 7.5x 14.9x 10.5x 32.6% 7.5% NMF Ordina NV 1.26 58% €116 €124 0.33x 0.33x 5.9x 4.8x 12.4x 7.6x 2.7% 6.7% 0.1x Devoteam SA 15.14 80% €114 €111 0.26x 0.27x 4.8x 4.1x 23.0x 13.2x (2.0%) 6.5% 0.2x Secunet Security Networks AG 19.20 84% €124 €109 1.43x 1.32x 13.9x 12.8x 29.4x 27.3x 8.0% 10.4% 2.9x RM Plc 1.52 88% €159 €107 0.41x 0.47x 3.8x 4.0x 9.2x 9.6x (12.0%) 12.0% NMF Enea AB 71.00 100% €121 €106 2.35x 2.16x 9.1x 8.1x 16.4x 14.5x 9.1% 26.7% 3.2x Zalaris ASA 27.30 87% €58 €51 1.43x 1.19x 15.2x 7.0x 37.8x 12.5x 20.6% 16.9% NMF SNP Schneider-Neureither & Partner AG 13.84 93% €51 €47 1.56x 1.32x N/A 7.9x 58.3x 16.7x 18.0% 16.7% NMF Median 0.86x 0.85x 6.1x 6.3x 15.9x 13.2x 6.9% 13.1% 1.0x

Average 1.16x 1.06x 8.1x 6.7x 20.6x 14.1x 7.8% 15.8% 2.3x





Semiconductors

Company


% of 52 Week High





Revenue Growth

EBITDA Margin

2015E P/E/G 2014A 2015E 2014A 2015E 2014A 2015E

Enterprise Value > €1bn ASML Holding NV 89.50 100% €39,305 €37,761 6.67x 5.66x 26.0x 19.2x 34.0x 24.5x 17.8% 29.5% 0.7x NXP Semiconductors NV 76.40 98% €14,565 €17,422 3.75x 3.43x 12.9x 11.7x 16.0x 13.7x 11.0% 29.4% 0.9x ARM Holdings plc 9.95 91% €17,990 €17,159 16.91x 14.58x NMF 28.7x 42.6x 34.4x 15.1% 50.8% 1.5x Infineon Technologies AG 8.85 94% €9,922 €7,694 1.74x 1.57x 7.1x 5.9x 19.1x 15.8x 10.8% 26.8% 0.8x STMicroelectronics NV 6.20 84% €5,345 €5,006 0.68x 0.66x 5.0x 4.3x 40.6x 21.2x 4.0% 15.4% 0.3x ams AG 36.25 95% €2,047 €2,012 5.24x 4.53x 16.4x 13.7x 20.4x 16.7x 15.8% 33.1% 0.7x Dialog Semiconductor Plc 29.33 99% €2,023 €2,011 1.77x 1.56x 8.6x 7.2x 23.3x 17.5x 15.0% 21.6% 0.7x ASM International NV 35.10 100% €2,217 €1,807 3.30x 2.92x 15.3x 13.7x 14.1x 13.8x 13.1% 21.3% 3.6x CSR plc 8.56 100% €1,800 €1,592 1.60x 1.55x 9.4x 8.0x 26.9x 22.6x 4.4% 19.4% 1.1x Melexis NV 37.50 100% €1,502 €1,442 4.38x 3.95x 13.2x 11.8x 18.2x 17.0x 10.8% 33.5% 2.6x Median 3.53x 3.17x 12.9x 11.7x 21.8x 17.2x 12.0% 28.1% 0.8x

Average 4.60x 4.04x 12.7x 12.4x 25.5x 19.7x 11.8% 28.1% 1.3x

Enterprise Value Below €1bn Nordic Semiconductor ASA 47.20 100% €855 €837 6.64x 4.86x NMF 20.4x NMF 32.9x 36.5% 23.8% NMF Imagination Technologies Group Plc 2.29 89% €791 €826 3.62x 3.30x 20.7x 17.7x 35.3x 30.9x 9.6% 18.7% 1.3x Aixtron SE 9.35 73% €1,044 €783 4.10x 2.54x NMF 19.4x NMF NMF 61.2% 13.1% NMF BE Semiconductor Industries N.V. 18.53 100% €696 €610 1.61x 1.52x 7.4x 7.1x 10.7x 10.1x 6.4% 21.3% NMF Nanoco Group PLC 1.46 97% €407 €391 NMF 31.85x NMF NMF NMF NMF NMF NMF NMF Soitec S.A. 1.01 31% €227 €340 1.45x 1.08x NMF NMF NMF NMF 34.9% NMF NMF ELMOS Semiconductor AG 16.20 100% €317 €317 1.51x 1.38x 7.5x 6.4x 19.7x 16.1x 9.1% 21.8% 0.7x IQE Public Limited Company 0.18 65% €151 €199 1.38x 1.31x 5.7x 5.1x 8.3x 7.6x 4.0% 25.7% 0.8x Suss MicroTec AG 4.70 51% €90 €58 0.41x 0.38x 8.1x 4.6x 49.6x 16.1x 8.1% 8.3% NMF Sequans Communications S.A. 1.19 36% €58 €47 2.41x 1.23x NMF NMF NMF NMF 99.1% NMF NMF Micronas Semiconductor Holding AG 5.68 69% €139 €9 0.07x 0.06x 0.6x 0.4x NMF 22.3x 9.4% 14.8% NMF Median 1.56x 1.38x 7.4x 6.7x 19.7x 16.1x 9.5% 20.0% 0.8x

Average 2.32x 4.50x 8.3x 10.1x 24.7x 19.4x 27.8% 18.4% 0.9x





Applied Technologies and Systems

Company


% of 52 Week High





Revenue Growth

EBITDA Margin

2015E P/E/G 2014A 2015E 2014A 2015E 2014A 2015E Oxford Instruments plc 12.75 70% €937 €1,114 2.21x 2.05x 14.1x 12.7x 19.0x 17.9x 6.7% 16.1% 2.6x Smart Metering Systems Plc 3.95 93% €435 €498 9.20x 7.18x 19.6x 14.9x 30.2x 23.0x 27.1% 48.3% 0.8x The Vitec Group plc 5.94 86% €335 €423 1.08x 1.06x 6.0x 6.1x 11.2x 11.0x 1.1% 17.4% 4.3x Elektrobit Oyj 3.36 90% €442 €408 1.83x 1.53x 14.6x 10.9x 41.7x 21.9x 19.4% 14.1% 0.3x Kontron AG 5.01 88% €278 €296 0.65x 0.60x 19.0x 7.9x NMF 25.4x 8.0% 7.7% NMF LPKF Laser & Electronics AG 10.83 52% €241 €270 2.19x 2.01x 11.3x 9.2x 26.9x 19.5x 8.6% 21.9% 0.5x TT Electronics plc 1.04 46% €207 €229 0.34x 0.34x 3.3x 3.9x 7.7x 10.9x (1.4%) 8.8% NMF accesso Technology Group plc 5.98 77% €169 €175 2.90x 2.43x 18.8x 14.0x 35.0x 28.4x 18.5% 17.4% NMF Store Electronic Systems S.A. 13.77 83% €159 €152 1.73x 1.38x 13.9x 9.0x 31.5x 18.3x 25.4% 15.3% 0.2x Q-Free ASA 10.00 64% €76 €74 0.89x 0.62x 7.5x 2.3x NMF 4.4x 42.4% 27.5% NMF Pricer AB 6.30 86% €74 €72 1.20x 1.14x NMF 13.0x 30.0x 20.6x 5.3% 8.8% NMF Next Biometrics Group AS 49.50 55% €62 €44 NMF 10.08x NMF NMF NMF 18.6x NMF 13.4% NMF

Median 1.73x 1.46x 14.0x 9.2x 30.0x 19.0x 8.6% 15.7% 0.6x

Average 2.20x 2.54x 12.8x 9.4x 25.9x 18.3x 14.6% 18.1% 1.5x Source: Capital IQ as of December 31, 2014


Quarterly European Technology Report Selected M&A Transactions 15

Selected M&A Transactions

Selected Software M&A Transactions

(€ in millions) Announced Date Target Acquirer

Transaction Value

EV/LTM Revenue

EV/LTM EBITDA Dec-14 Incadea plc Dealertrack Technologies, Inc €154.9 3.74x NMF Dec-14 Gael Limited Ideagen PLC €23.0 2.21x 11.2x Dec-14 Corelogic Limited Servelec Group plc €29.5 2.45x - Dec-14 Northgate Public Services Limited Cinven Ltd. €427.8 1.58x 6.3x Dec-14 EPiServer AB Accel-KKR LLC €129.0 6.23x - Dec-14 Kirona Solutions Limited Living Bridge €25.3 6.16x 25.2 Dec-14 OpenJaw Technologies, Ltd GuestLogix Ireland Limited €34.7 - - Nov-14 Advanced Computer Software Group plc Vista Equity Partners €913.6 3.34x 15.8x Nov-14 VIZRT Ltd Nordic Capital €296.6 2.30x 11.1x Nov-14 Norman Safeground AS Technologies N.V. €11.2 - - Oct-14 Perimeter Internetworking Corp. BAE Systems plc €182.8 - - Oct-14 Telerik AD Progress Software Corporation €207.5 4.38x - Oct-14 Allocate Software plc. HgCapital €131.9 2.28x 13.5x Oct-14 Camstar Systems, Inc. Siemens Aktiengesellschaft €135.6 - - Oct-14 Exact Holding NV Apax Partners LLP €734.3 3.15x 16.2x Oct-14 Mojave Networks, Inc. Sophos Ltd. - - - Sep-14 Concur SAP America, Inc. €6,560.6 11.50x NMF Sep-14 FeedHenry Ltd. Red Hat, Inc. €63.5 - - Sep-14 The Attachmate Group Micro Focus International plc €1,778.5 2.50x 13.7x Sep-14 XRS Corporation Omnitracs, LLC €50.3 3.30x 28.9x Sep-14 Image Integration Systems, Inc. Tungsten Network, Inc. €5.1 2.10x - Jul-14 Quintiq Holding B.V. Dassault Systèmes BV €250.0 3.33x - Jul-14 Venda, Inc. NetSuite Inc. €37.3 - - Jun-14 Cegedim SA IMS Health Holdings, Inc. €385.0 0.91x 6.0x Jun-14 ReadSoft AB Hyland Software UK Ltd €182.0 2.30x 20.0x Jun-14 eNovance SaS Red Hat, Inc. €70.0 8.75x - Jun-14 AtegoTM PTC Inc. €36.8 2.50x - Jun-14 Masternaut UK Limited Summit Partners LLP; FleetCor Technologies, Inc. €334.2 - - Jun-14 System C Healthcare plc and European Healthcare Technology Operations Symphony Technology Group - - - May-14 Anite Travel Ltd. LDC (Managers) Limited €55.2 2.33x - May-14 Distimo B.V. App Annie Limited €79.9 - - May-14 Update Software AG Aurea Software FZ-LLC €27.0 0.80x NMF May-14 ReadSoft AB Lexmark International Technology S.A. €190.2 2.11x 18.9x Apr-14 24 ORE Software S.p.A. TeamSystem Holding S.p.A. €117.5 1.90x - Apr-14 Visma ASA Cinven Limited €2,524.0 3.30x 15.9x Apr-14 Systar SA Axway Software S.A. €37.9 2.71x - Apr-14 AMT-SYBEX Group Ltd. Capita plc €127.1 4.73x - Apr-14 i:FAO AG Amadeus Corporate Business AG €75.7 4.97x 15.6x Mar-14 Blancco Oy Ltd. Regenersis Plc €60.1 4.89x - Mar-14 Fieldglass, Inc. SAP AG €724.9 - - Feb-14 Transics International NV WABCO Europe BVBA €99.8 1.63x 7.2x Feb-14 Avast Software B.V. CVC Capital Partners Limited €739.0 - - Feb-14 Compass Computer Consultants Ltd. Advanced Computer Software Group plc €17.5 2.09x 3.6x Jan-14 Accelrys Inc. Dassault Systemes SA €550.7 4.05x NMF Dec-13 Secunia Dansk Kapitalanlaeg €13.0 NMF NMF Dec-13 The Property Software Group LDC Ltd. €21.2 - - Dec-13 Total Specific Solutions B.V. Constellation Software Inc. €240.0 1.38x - Dec-13 Tell Me More S.A. Rosetta Stone Ltd. €20.8 - - Sources: Capital IQ and MergerMarket as of as of December 31, 2014


Quarterly European Technology Report 16 Selected M&A Transactions

Selected Software M&A Transactions (cont’d)


Transaction Value

EV/LTM Revenue

EV/LTM EBITDA Dec-13 QUMAS, Limited Accelrys Software Inc. €34.9 2.48x - Dec-13 Realtime Technology AG Dassault Systemes SA €171.3 2.31x 18.6x Nov-13 P&I Personal & Informatik Aktiengesellschaft HgCapital €365.4 4.15x 11.6x Nov-13 Unit 4 N.V. Advent International Corporation €1,287.7 2.64x 17.8x Nov-13 COR&FJA Banking Solutions GmbH Sopra Group S.A. €13.0 0.60x 0.0x Nov-13 Delcam plc Autodesk Development B.V. €197.5 3.11x 22.0x Nov-13 Celcite Management Solutions, LLC Amdocs Limited €95.7 - - Oct-13 epyx Limited Fleetcor Technologies, Inc. €230.0 9.50x 13.2x Oct-13 Cameleon Software SA PROS Holdings, Inc. €22.9 1.51x 17.2x Oct-13 Pironet NDH AG Cancom SE €47.4 1.07x 7.7x Sep-13 Ascribe Limited EMIS Group Plc €72.0 2.50x 8.1x Aug-13 e-conomic international a/s HgCapital €89.1 - - Aug-13 Cordys B.V. Open Text Corporation €24.8 - - Aug-13 Isotrak Lyceum Capital Partners €49.9 2.41x 28.2x Jul-13 icon-scm AG E2open, Inc. €25.5 - - Jul-13 CliniSys Montagu Private Equity €138.0 NMF NMF Jul-13 Joint Collaboration AS Addnode Group AB €23.1 1.58x 8.3x Jun-13 Neolane SA Adobe Systems Incorporated €460.0 10.50x - Jun-13 Rivo Software Ltd. Kennet Partners Limited; Fidelity Growth Partners €22.8 - - Jun-13 Hybris SAP €800.0 8.60x - May-13 Civica OMERS Private Equity €461.0 1.90x 10.3x May-13 Arieso JDSU €65.0 - - May-13 Stonesoft McAfee €288.0 7.08x NMF Apr-13 Aepona Intel Corporation Ltd. N/A - - Mar-13 Computer Software Holdings Limited Advanced Computer Software Group €121.4 1.79x 8.3x Feb-13 Sage Aytos S.L. and C&I and ATL and Automotive Argos Soditic €32.8 - - Feb-13 Sage (ACT! And Saleslogic business) Accel-KKR €75.0 - - Feb-13 Skyfire Labs Opera Software €116.0 - - Jan-13 Cerved Group S.p.A. CVC Capital Partners Limited €1,102.0 3.87x - Dec-12 NewBay Software Limited Synchronoss Technologies Ireland Ltd. €42.7 - - Nov-12 Tikit Group plc BT Group plc €75.1 2.07x 11.4x Nov-12 LMS International NV Siemens €543.0 4.97x - Nov-12 Retalix NCR Corp. €468.0 2.37x 26.3x Oct-12 Heiler Software AG Informatica Deutschland AG €82.4 3.44x NMF Aug-12 Automic Software GmbH EQT Partners AB €208.2 3.55x - Aug-12 UC4 Software Gmbh EQT Partners €220.0 4.29x - Jul-12 GMC Software AG Neopost SA €139.4 4.16x - Jul-12 Easy Software AG Allgeier SE €23.4 0.43x 1.6x May-12 Ariba Inc. SAP €3,385.0 8.30x NMF May-12 BigHand Ltd. LDC; Bridgepoint €59.6 - - May-12 SiteMaker Software Ltd. Hibu Plc €22.0 - - May-12 Traen A/S Formpipe Software AB €33.9 1.40x 6.1x May-12 Kewill Francisco Partners €84.0 1.24x 23.3x Apr-12 Transics International NV CreaFund CVBA; Uniholding SA €25.6 1.17x 6.9x Apr-12 blueKiwi Software SA Atos S.A. €20.2 4.00x - Apr-12 Torex Retail MICROS Systems €163.0 1.21x 13.9x Feb-12 IBS Siemens Industry Automation Holding AG €22.6 1.33x 13.4x Feb-12 Misys plc Vista Equity €1,700.0 - -

Median €89.1 2.50x 13.7x

Average €358.6 3.40x 14.7x Sources: Capital IQ and MergerMarket as of as of December 31, 2014



Selected Financial Technology M&A Transactions


Transaction Value

EV/LTM Revenue

EV/LTM EBITDA Nov-14 Ukash Skrill Holdings Limited €12.2 - - Oct-14 DIBS Payment Services AB Nets Holding A/S €84.9 4.22x 18.8x Oct-14 Bundesdruckerei GmbH Giesecke & Devrient Gmbh €47.4 - - Oct-14 Kx Systems, Inc First Derivatives PLC €45.1 9.40x - Oct-14 Mopay AG Boku, Inc. - - - Sep-14 The Logic Group Holdings Limited Barclaycard €5.8 - - Sep-14 SuperDerivatives Inc. Intercontinental Exchange, Inc. €270.0 2.30x - Sep-14 Clear2Pay nv/sa Fidelity National Information Services, Inc €375.0 NMF NMF Sep-14 Aegis Security Services Limited Cardtronics Europe Ltd €52.2 0.57x - Jul-14 GFI Group Inc CME Group Inc, BCG Partners Inc €430.3 0.77x NMF Jul-14 Retail Decisions ACI Worldwide Corp €166.6 3.96x 20.2x Jul-14 Agencyport Software Europe Limited Xchanging PLC €80.9 3.39x 12.8x Jul-14 GlobalCollect BV Ingenico S.A. €820.0 2.69x 16.4x Jun-14 Markco Media Limited Monitise plc €68.8 - - May-14 Euroline AB Nordic Capital €243.5 NMF NMF Mar-14 Nets Holding A/S Advent, Bain, ATP Group €2,277.4 2.50x 12.8x Mar-14 HiFX Euronet Worldwide €175.0 3.78x 13.4x Mar-14 Ullink SAS HgCapital; HgCapital Trust plc - - - Mar-14 Pozitron Yazilim A.S. Monitise plc €72.3 - - Jan-14 TDX Group Limited Equifax Inc. €240.2 3.67x - Jan-14 Nordic Insurance Software A/S Summit Partners €67.0 NMF - Dec-13 Sofort AG Klarna AB €127.1 - - Dec-13 Alaric Systems Limited NCR Limited €57.8 - - Feb-13 SIA S.p.A. Fondi Italiani per le Infrastrutture, Orizzonte SGR, FSI €454.0 2.20x 8.5x Nov-13 PT. Aprisma Indonesia Wirecard AG €88.5 - - Nov-13 Brand Loyalty International B.V. Alliance Data Systems Corporation €266.0 0.90x - Oct-13 The 41st Parameter Inc. Experian plc €239.4 - - Sep-13 PaymentLink Pte. Ltd. Wirecard AG €30.9 - - Sep-13 Grapple Mobile Limited Monitise Create Limited €44.1 - - Sep-13 OB10 Ltd. Tungsten Corporation Plc €117.0 4.22x - Aug-13 Avelo FS Limited Iress Limited €243.0 3.80x - Aug-13 Skrill CVC Capital Partners Limited €600.0 3.00x 12.0x Jul-13 MACH Syniverse €550.0 4.10x - Jun-13 IntelliFlo HGCapital €64.3 3.71x 10.9x May-13 Quindell Property Services Limited Quindell Portfolio Plc €40.1 - - Feb-13 FFastFill plc Pattington Limited €93.3 4.97x 34.2x Jan-13 Ogone BVBA/SPRL Ingenico SA €358.5 8.57x - Dec-12 PS Yandex.Money, LLC Sberbank €46.2 6.40x - Dec-12 Mobile Money Network Ltd. Monitise plc €21.9 - - Oct-12 Ericsson Internet Payment Exchange AB Gemalto NV N/A - - Aug-12 Adeptra Ltd. Fair Isaac Software Holdings Ltd. €88.5 2.56x 25.6x Aug-12 Nets Oy Nets Holding A/S €161.2 0.85x - Mar-12 ClairMail Monitise €131.0 9.70x NMF Feb-12 Callataÿ & Wouters S.A. Sopra Group €140.6 2.28x - Feb-12 Navita Systems AS Brady Plc €21.4 - - Feb-12 Integral Computers Limited Sage Pay Europe Limited €20.4 - -

Median €93.3 3.39x 14.6x

Average €221.9 3.78x 17.2x Sources: Capital IQ and MergerMarket as of December 31, 2014



Selected Communications M&A Transactions


Transaction Value

EV/LTM Revenue

EV/LTM EBITDA Nov-14 Advanced Digital Broadcast Holdings SA 4T S.A. €49.6 0.15x 8.4x Jun-14 Tail-f Systems AB Cisco Systems, Inc €129.2 - - Mar-14 Conax AS Kudelski SA €180.9 2.41x 6.2x Mar-14 Cyvera Ltd Palo Alto Networks, Inc. €143.8 - - Feb-14 DAX Technologies Corp. Spirent Communications Plc. €26.9 - - Feb-14 Alcatel-Lucent Enterprise S.A. China Huaxin Post €201.0 - - Feb-14 Octo Telematics S.p.A. Renova Group, LLC €405.0 3.20x 5.5x Jan-14 skobbler GmbH Telenav, Inc. €17.6 - - Jan-14 Pilat Media Global plc SintecMedia Ltd. €59.3 1.60x 12.4x Nov-13 AIRCOM International Limited TEOCO Corporation - - - Oct-13 Aurora Networks, Inc. Pace plc €234.4 1.49x 10.8x Sep-13 Actix, Ltd. Amdocs Ltd. €88.7 - - Sep-13 Nokia (Devices and Services segment) Microsoft €5,440.0 0.35x NMF Aug-13 Arkadin S.A. NTT Communications Corporation €350.0 2.00x - Jul-13 Nokia Siemens Networks Oy Nokia Oyi €1,700.0 0.10x 1.4x May-13 Axell Wireless Ltd. Cobham plc €96.3 1.90x 4.6x Jan-13 Elektrobit System Test Oy Anite plc €30.8 1.94x - Aug-12 Starhome BV Fortissimo Capital €52.0 - - Jul-12 Audio Visual Machines Ltd. Alcuin Capital Partners LLP €22.8 0.48x - Mar-12 NDS Group Ltd. Cisco Systems €3,823.0 5.20x 18.2x Mar-12 Ascom Holding AG, Defence Unit RUAG Schweiz AG €21.5 - - Jan-12 Synchronica plc Myriad Group AG €39.0 2.75x -

Median €96.3 1.49x 8.4x




Selected Internet/Digital Media M&A Transactions


Transaction Value

EV/LTM Revenue

EV/LTM EBITDA Dec-14 AdKarma Blinkx Plc €16.2 1.50x - Dec-14 Lastminute.com Bravofly €97.5 - - Dec-14 Axel Springer Digital Classifieds GmbH Axel Springer SE €446.0 - - Dec-14 Gocompare.com Limited Esure Group plc €120.8 1.70x - Nov-14 Sapient Corp Publicis Groupe SA €2,947.7 2.40x 19.2x Oct-14 Trovit Search S.L. Next Co., Ltd €80.0 4.56x 13.6x Oct-14 Videoplaza Ltd Ooyala, Inc - - - Oct-14 Momondo Group Limited Great Hill Partners, LLC €100.9 - - Sep-14 Mojang AB Microsoft Corporation €1,931.1 7.70x - Sep-14 Perform Group plc Access Industries (UK) Ltd €552.6 2.77x 21.7x Aug-14 Supercell Oy SoftBank Corp €259.1 3.74x 10.3x Aug-14 NonStop Games Ltd King Digital Entertainment plc €67.4 - - Jun-14 Car&Boat Media SAS Axel Springer Digital Classifieds GmbH €72.0 2.91x - Apr-14 VKontakte Ltd Mail.ru Group €1,064.7 NMF NMF Mar-14 Car Trawler BC Partners €452.6 - 14.5x Mar-14 VKontakte Ltd Mail.ru Group €246.6 - - Mar-14 Boursorama Societe Generale Group €243.7 - - Feb-14 People & Print Group B.V. Vistaprint N.V. €24.0 0.71x 8.0x Feb-14 Viber Media Inc Rakuten, Inc. €657.5 - - Jan-14 NaturalMotion Ltd Zynga Game International Limited €388.9 - - Jan-14 Deepmind Technologies Limited Google Inc. €293.5 - - Dec-13 Rhythm NewMedia, Inc. Blinkx Plc €50.0 3.40x - Nov-13 Scout24 Holding GmbH Hellman & Friedman LLC €1,500.0 - - Nov-13 SAS My Little Paris auFeminin.com €40.2 8.20x - Oct-13 Supercell Oy Softbank Corp., GungHo Online Entertainment €1,135.7 NMF - Sep-13 Meetic S.A. Match.com, L.L.C. €87.0 2.50x 11.4x Sep-13 Icelolly Marketing Limited Palatine Private Equity LLP €19.7 - - Jul-13 Swerford Holdings Ltd. Playtech Limited €36.9 - - Jul-13 Opta Sportsdata Limited Perform Group plc. €45.2 3.70x NMF Apr-13 Mendeley Limited Elsevier B.V. €53.0 - - Jan-13 Global Betting Exchange Limited Ladbrokes PLC €29.7 - - Nov-12 A&N Media, Profesia, Tau on-line, Autovia, 25% Stake in Infostud & 30% Stake in Development Studio Alma Media Oyj €23.6 - - Nov-12 Immoweb SA/NV Axel Springer Digital Classifieds GmbH €125.7 - - Oct-12 XING AG Burda Digital GmbH €165.3 3.00x 10.3x Oct-12 Qype GmbH Yelp Ireland Ltd. €37.6 - - Sep-12 LBi International NV Publicis Groupe SA €448.0 1.86x 11.9x Aug-12 allesklar.com AG Axel Springer Digital Classifieds GmbH €55.5 - - Aug-12 LeGuide.com S.A. Lagardere Active SAS €36.8 2.29x 9.5x Aug-12 Matrix S.p.A. Libero S.r.l. €83.3 0.92x - Jul-12 Webassets B.V. Tomorrow Focus AG €19.8 - - Jun-12 Grupa Onet.pl S.A. Ringier Axel Springer Media AG €209.4 - - Jun-12 MoneySavingExpert.com Moneysupermarket.com Group PLC €103.6 5.56x 6.9x May-12 RunningBall Holding AG Perform Media Services Limited €119.6 7.57x 16.8x May-12 Buongiorno SpA DOCOMO Deutschland GmbH €299.5 1.10x 11.4x Apr-12 Hattrick Holdings Limited Zattikka Plc €22.7 - - Apr-12 OnlinePizza Norden AB Delivery Hero Holding GmbH €29.5 4.21x - Feb-12 Brighter Option Ltd. Buddy Media UK Limited €19.3 - - Jan-12 Aspiro AB Schibsted ASA €19.6 1.23x -

Median €92.2 2.91x 11.7x




Selected Technology Services M&A Transactions


Transaction Value

EV/LTM Revenue

EV/LTM EBITDA Dec-14 Xerox Corporation, IT Outsourcing Business Atos SE €1,791.4 - - Dec-14 Intergenia Holding GmbH Host Europe WVS Limited €210.0 - - Dec-14 EVRY ASA Apax Partners LLP €878.0 0.56x 6.8x Nov-14 Kelway Holdings Limited CDW €314.0 0.40x 7.0x Oct-14 Lufthansa Systems AG., IT Infrastructure Division International Business Machines Corporation €1073.9 - - Aug-14 Royal Imtech N.V., ICT Division VINCI Energies S.A. €254.6 0.30x 7.8x Aug-14 Daisy Group plc Penta Capital; Toscafund Asset Management LLP €289.0 1.70x 10.8x Apr-14 Groupe Steria SCA Sopra Group (Bid) €953.0 0.53x 7.0x Apr-14 Updata Infrastructure Capita plc €96.5 2.40x 12.9x Mar-14 Groupe Telindus France S.A. Vivendi Société Anonyme €95.0 0.39x - Mar-14 Cision AB Meltwater Drive Sverige AB €118.4 1.38x 12.6x Mar-14 Napa Oy Classnk Nippon Kaiji Kyokai €53.2 2.89x - Jan-14 ControlCircle Ltd. Alternative Networks Plc €47.8 1.87x 20.7x Dec-13 NextiraOne Management SAS Dimension Data Holdings Nederland B.V. - - - Dec-13 Context Information Security Limited Babcock International Group plc €37.8 3.20x - Nov-13 InTechnology Managed Services Limited Redcentric plc €77.4 1.59x 7.8x Nov-13 Amor Business Technology Solutions Limited Lockheed Martin Corporation - - - Oct-13 Indecs Computer Services Limited and Indecs Computers Limited Daisy Group plc €21.1 1.70x 6.9x Oct-13 Backup Technology Ltd. iomart Group plc €27.6 4.42x 9.6x Sep-13 Osiatis SA Econocom Group €70.8 0.48x 5.9x Aug-13 Arsys Internet S.L. 1&1 Internet AG €138.1 3.50x 9.3x Aug-13 DADA SpA Italiaonline S.r.l. €24.1 1.02x 10.8x Jul-13 Host Europe WVS Ltd. Cinven Ltd. €493.8 - - Jul-13 S&T AG Grosso Holding Gesellschaft GmbH €93.5 0.33x 7.8x Jun-13 GFI Informatique S.A. Boussard & Gavaudan Ltd; Itefin Participations €82.6 0.38x 5.9x Jun-13 Trustmarque Solutions Ltd. Dunedin LLP €49.5 0.33x - May-13 Sempla Srl GFT Holding Italy S.r.l. €21.4 0.54x 3.9x May-13 Branded3 Search Ltd. Company St Ives plc €28.3 6.10x 14.7x Apr-13 ZAO R-Style Softlab Asseco Poland Spólka Akcyjna €21.9 - - Mar-13 Nebula Oy Ratos AB €52.3 2.75x - Mar-13 2e2 Morse Spain Logicalis Group Ltd. €22.9 0.21x 3.9x Feb-13 Sigma AB Danir AB €46.0 0.48x 8.4x Feb-13 Capita Managed IT Solutions Ltd. Capita plc €74.5 0.46x - Jan-13 ZETO Bydgoszcz SA Asseco Systems sp. z o.o. €21.5 - - Dec-12 ScoLocate Ltd. Pulsant Ltd. €32.6 - - Dec-12 Raber+Märcker GmbH Konica Minolta Business Solutions €28.0 0.59x - Nov-12 Academica Oy Telecity Group plc €27.6 1.87x - Oct-12 itelligence AG NTT DATA EUROPE GmbH & CO. KG €33.9 1.00x 11.2x Oct-12 Epsilon AB ÅF AB €332.9 1.35x - Oct-12 KMD A/S Advent International Corporation N/A - - Oct-12 Atento Holding, Inversiones y Teleservicios Bain Capital LLC €1,039.0 0.60x 6.5x Sep-12 Vanerum Group Services NV Sofindev Management NV €30.0 0.90x - Aug-12 ThinkGrid Ltd. Colt Technology Services Group Ltd. €20.9 - - Aug-12 AMADEUS MARKETING CSA s.r.o. Amadeus IT Group S.A. €96.3 - - Jun-12 E-consultancy.com Ltd. Centaur Communications Ltd. €59.9 7.58x 45.5x May-12 Logica PLC CGI Group Holdings Europe Ltd. €2,649.1 0.57x 18.7x May-12 SecureData Europe Ltd. August Equity LLP €20.7 - - Apr-12 Accounting Plaza B.V. Genpact Netherlands B.V. €29.8 - - Feb-12 Sygnity Spólka Akcyjna Asseco Poland Spólka Akcyjna €71.8 0.49x 12.0x Jan-12 Pixelpark AG MMS Germany Holdings GmbH €36.0 1.27x - Jan-12 Network Resource Group Ltd. Cloud XL €24.0 - - Jan-12 Consinto GmbH Datagroup AG €19.9 0.40x -

Median €53.2 0.90x 8.1x




Selected Semiconductors M&A Transactions


Transaction Value

EV/LTM Revenue

EV/LTM EBITDA Dec-14 Eltek ASA Deltronics (Netherlands) BV €516.1 1.19x 11.3x Oct-14 CSR plc Qualcomm Global Trading Pte. Ltd €1,862.0 2.70x 32.4x Apr-14 Wolfson Microelectronics plc Cirrus Logic Inc €327.7 2.67x - Sep-14 Qimonda AG, Patent Business Infineon Technologies AG €125.0 - - Jul-14 OJSC Sitronics-Nanotechnologies JSC Mikron €68.4 - - Apr-14 Wolfson Microelectronics Plc. Cirrus Logic Inc. €333.0 2.40x - Apr-14 Metaforic Limited INSIDE Secure €11.7 - - Nov-13 Novaled AG Samsung Display Co., Ltd. €23.4 NMF - Apr-13 TPACK A/S Altera European Trading Company €25.1 - - Dec-12 Ismeca Semiconductor Holding S.A. Delta Design Luxembourg S.à r.l €42.1 0.58x - Nov-12 ZiiLABS Ltd Intel Corporation (UK), Ltd. €23.1 - - Oct-12 Cymer, Inc. ASML Holding N.V. €1,728.0 3.80x 17.7x Jul-12 ASML Holding NV Samsung; TSMC; Intel Capital €3,854.0 2.80x 8.7x Jul-12 Frontier Silicon (Holdings) Ltd. Toumaz Limited €37.7 1.42x - Mar-12 CT-Concept Technologie AG Power Integrations Netherlands B.V. €89.5 - -

Median €78.9 2.67x 14.5x

Average €623.8 2.17x 17.5x Sources: Capital IQ and Mergermarket as of December 31, 2014 Selected Applied Technologies and Systems M&A Transactions


Transaction Value

EV/LTM Revenue

EV/LTM EBITDA Jul-14 Movea SA InvenSense International, Inc. €55.0 - - Mar-14 TDC Systems Ltd and TDC Systems Pty Q-Free ASA €15.1 2.66x 15.6x Mar-14 Euroscan Holdings, B.V. ORBCOMM Netherlands B.V. €24.7 - - Jan-14 Teseq AG Ametek Inc. €67.4 1.73x - Dec-13 Xyratex Ltd. Seagate Technology International €273.7 0.33x 17.4x Oct-13 ParkingEye Ltd. Capita plc €69.1 - - Sep-12 Image Recognition Integrated Systems Group S.A. Canon Europa N.V. €71.0 0.69x 9.7x Jun-12 Elster Group SE Melrose Industries plc €2,217.6 1.49x 10.2x May-12 LaCie SA Seagate Technology plc €96.8 0.29x 3.4x May-12 QUNDIS GmbH HgCapital €153.2 - - Feb-12 Hirschmann Car Communication GmbH VOXX International €87.0 0.59x -

Median €71.0 0.64x 9.9x



Quarterly European Technology Report 22 Selected Private Capital Financings, IPOs and Follow-on Offerings

Selected Private Capital Financings, IPOs and Follow-on Offerings

Selected Software Private Capital Financings

(€ in millions) Announced Date Issuer

Transaction Value Investors Dec-14 Blue Yonder GmbH €60.1 Warburg Pincus LLC Oct-14 arago Institut AG €43.0 KKR & Co. L.P. Sep-14 BrandMaker GmbH €23.0 L-EA Private Equity GmbH; Pinova Capital Sep-14 Fieldaware Group Ltd. €18.6 SVB Capital; Atlantic Bridge; OpenView Venture Partners; Oyster Capital Partners; Summit Bridge Capital Aug-14 Alfresco Software, Inc. €34.1 Accel Partners; Mayfield Fund; SAP Ventures; Sageview Capital LP Jul-14 Squido GmbH €18.6 DN Capital Limited; Holtzbrinck Ventures Gmbh; Vostok Nafta Investment Ltd; Texas Atlantic Capital Partners, LLC; Piton Capital LLP Jul-14 CycloMedia Technology B.V. €13.8 ESO Capital Group Jul-14 Tagetik Software srl €26.6 White Bridge Investments S.p.A. Jul-14 NewVoiceMedia Limited €36.7 Bessemer Venture Partners; Highland Capital Partners; Technology Crossover Ventures; Salesforce.com, Inc; Eden Ventures (UK) Ltd.; Notion Capital Partners LLP Jun-14 Definiens AG €15.0 TVM Capital GmbH; Wellington Ventures; Cipio Partners; Gilde Healthcare Partners B.V. Jun-14 ForgeRock AS €22.0 Accel Partners; Foundation Capital; MeriTech Capital Partners Jun-14 Webtrekk GmbH €25.0 DPE Deutsche Private Equity GmbH Jun-14 Elasticsearch NL €51.4 Benchmark Capital; New Enterprise Associates; Index Ventures Apr-14 Scytl Secure Electronic Voting €77.8 Adams Street Partners, LLC; Vulcan Capital; SAP Ventures; Industry Ventures, LLC; Vy Capital Mar-14 Hoccer Betriebs GmbH €50.0 Media Ventures GmbH Feb-14 eCommera Limited €29.6 West Coast Capital; Frog Capital; ePlanet Capital; Dawn Capital; WPP Digital Jan-14 Advanced Manufacturing Control Systems €23.5 Highland Capital Partners; Investec Ventures Ireland Ltd Dec-13 Plumbee Ltd €10.2 IDInvest Partners; Endemol Group B.V. Dec-13 Talend SA €29.0 Iris Capital; Silver Lake; IDInvest Partners; Balderton Capital; Bpifrance Participations SA Nov-13 MetaPack Limited €24.0 Index Ventures Nov-13 cXense AS €11.1 - Nov-13 Itineris nv €8.5 GIMV NV; Participatiemaatschappij Vlaanderen NV Nov-13 6 Wunderkinder GmbH €14.1 Sequoia Capital; Earlybird Venture Capital GmbH & Co. KG; Atomico Investment Holdings Limited Oct-13 SkySQL Ab €14.5 Finnish Industry Investment Ltd; Intel Capital; California Technology Ventures, LLC; Open Ocean Capital Ltd.; OnCorps Capital Sep-13 TalentSoft SA €15.0 Highland Capital Partners; Bpifrance Investissement Sep-13 TouchType Limited €13.3 Index Ventures; Octopus Investments Limited; Cambridge Holdings Group, Inc. Jul-13 Zimory GmbH €15.5 T-Venture Holding GmbH; KfW Mittelstandsbank, Investment Arm; IBB Beteiligungsgesellschaft mbH; CREATHOR VENTURE Management GmbH; High-Tech Gründerfonds Management GmbH; Deutsche Boerse AG, AM Arm Jun-13 NumberFour AG €29.0 T-Venture Holding GmbH; Index Ventures; Allen & Company LLC, Investment Arm; Hommels Holding GmbH May-13 BonitaSoft SA €10.1 Auriga Partners; Ventech; Bpifrance Investissement; Serena Capital Mar-13 ForgeRock AS €11.8 Accel Management Co, Inc.; Foundation Capital Mar-13 Fanzy SAS €11.5 Kima Ventures; Orefa Investment; Start/Capital Mar-13 ProfitBricks GmbH €15.1 United Internet AG Mar-13 hybris GmbH €23.0 Greylock Partners; MeriTech Capital Partners; HGGC, LLC Feb-13 Elasticsearch NL €18.0 Benchmark Capital; Index Ventures; SV Angel Nov-12 MediaSift Limited €12.0 Upfront Ventures; Scale Venture Partners; Northgate Capital Group, L.L.C.; IA Ventures; Daher Capital Oct-12 Netbiscuits GmbH €20.6 T-Venture Holding GmbH; CREATHOR VENTURE Management GmbH; Stripes Group Sep-12 Mimecast Ltd. €48.4 Insight Venture Partners; Dawn Capital Sep-12 SkyDox Ltd €25.0 Scottish Equity Partners LLP; Business Growth Fund plc May-12 Huddle (Ninian Solutions) €19.1 Matrix Partners; Eden Ventures (UK) Ltd.; JAFCO Ventures; DAG Ventures, LLC Feb-12 VocalCom S.A. €10.5 Apax Partners France Sources: Capital IQ and MergerMarket as of December 31, 2014


Quarterly European Technology Report Selected Private Capital Financings, IPOs and Follow-on Offerings 23

Selected Financial Technology Capital Financings


Transaction Value Investors Dec-14 Adyen B.V. €200.2 Felicis Ventures ; General Atlantic LLC ; Temasek Holdings (Private) Limited; Felicis Ventures ; Index Ventures Nov-14 Powa Technologies Limited €64.4 Wellington Management Company, LLP Nov-14 Trustly Group AB €23.0 Bridgepoint Development Capital Sep-14 KnCMiner AB €10.8 Creandum AB Jul-14 Funding Circle Ltd. €48.0 Accel Partners; Index Ventures; Union Square Ventures; Ribbit Capital Jun-14 Nutmeg Saving and Investment €23.5 Schroders plc; Balderton Capital Jun-14 Kreditech Holding SSL GmbH €29.4 Blumberg Capital; Värde Partners Europe Limited; Point Nine Capital Jun-14 Adyen B.V. €11.7 Index Ventures; Felicis Ventures May-14 auxmoney GmbH €11.7 Foundation Capital; Partech International; Index Ventures; Union Square Ventures May-14 iZettle AB €45.0 Greylock Israel Partners; Index Ventures; American Express Zouk Capital; Intel Capital; Northzone Ventures; MasterCard ; Creandum ; Hasso Plattner Ventures ; SEB Asset ; Dawn Capital; Banco Santander Apr-14 The Currency Cloud €7.2 Atlas Venture, Anthemis, Notion Capital, Xange Private Equity Mar-14 Klarna AB €90.0 General Atlantic LLC; Sequoia Capital; Atomico Investment Holdings Limited Mar-14 WorldRemit Ltd €28.9 Accel Partners Mar-14 Duedil Ltd. €12.3 Oak Investment Partners; Notion Capital Partners LLP; Passion Capital Investments LLP Feb-14 Tradeshift Inc. €54.5 Scentan Ventures Feb-14 Funding Circle Ltd. €48.6 British Business Bank PLC Jan-14 Powa Technologies €14.4 Wellington Management Jan-14 Zopa Ltd. €18.3 Arrowgrass Capital Partners LLP Jan-14 Iwoca Ltd. €6.1 Global Founders Capital; Redline Capital Management S.A Nov-13 PRET d'UNION S.A. €10.0 Schibsted ASA; Credit Mutuel Arkea S.A.; AG2R La Mondiale; Weber Investissements SAS; Kima Ventures Oct-13 Funding Circle Ltd. €26.9 Accel Partners; Index Ventures; Union Square Ventures; Ribbit Capital Sep-13 Calastone Limited €13.5 Accel Management Co, Inc.; Octopus Investments Limited Aug-13 Powa Technologies Ltd. €56.6 Wellington Jun-13 Payleven Holding GmbH €11.8 Rocket Internet GmbH Jan-13 Paymill €10.0 Holtzbrinck Ventures and Sunstone Jan-13 Payleven €11.8 NEA, Holtzbrinck et al. Dec-12 CloudPay Solutions Limited €12.2 Rho Capital Partners, Inc.; Pinnacle Investment Partners, LP Dec-12 Kreditech €5.3 Blumberg Capital / Point Nine Capital Aug-12 SumUp Limited €15.9 B-To-V Partners AG; Tengelmann Ventures GmbH; Shortcut Ventures GmbH Aug-12 OpenGamma Limited €12.2 Accel Management Co, Inc.; FirstMark Capital, L.L.C.; ICAP plc; Euclid Opportunities Fund Jun-12 iZettle AB €31.2 Greylock Partners; Index Ventures; American Express Company; Northzone Ventures; SEB Venture Capital; MasterCard Incorporated; Creandum AB May-12 Notemachine Holdings Ltd. €12.4 European Capital Ltd Mar-12 Funding Circle Ltd. €12.1 Index Ventures; Union Square Ventures Sources: Capital IQ and MergerMarket as of December 31, 2014



Selected Communications Private Capital Financings (cont’d)


Transaction Value Investors Apr-14 Nujira Limited €14.8 Amadeus Capital Partners Limited; Investec Bank Plc; GAM (UK) Ltd.; Environmental Technologies Fund LP; Climate Change Capital Asset Management; RobecoSAM Private Equity; New Energy Solutions Management ApS Mar-14 Anaveo Groupe SA €8.4 Viveris Management SAS; CM-CIC Capital Finance Jan-14 FON Wireless Ltd. €10.3 Google Inc.; Index Ventures; Deutsche Telekom AG; QUALCOMM Ventures; Coral Group; Atomico Investment Holdings Limited Nov-13 Compass EOS Ltd. €31.1 Benchmark Capital; North Bridge Venture Partners; Comcast Ventures; T-Venture Holding GmbH; Pitango Venture Capital; Cisco Systems, Investment Arm; RusNano; Marker LLC Sep-13 NewVoiceMedia Limited €25.9 Bessemer Venture Partners; Highland Capital Partners; Eden Ventures Ltd.; Notion Capital Partners LLP Jan-13 NewVoiceMedia Limited €14.8 Highland Capital Partners; MMC VENTURES Ltd; Eden Ventures Ltd.; Notion Capital Partners LLP Aug-12 Ubiquisys Ltd. €15.5 Accel Management Co, Inc.; Advent Venture Partners; Atlas Venture L.P.; Mobile Internet Capital Inc.; Nissay Capital Co.,Ltd; Yasuda Enterprise Development Co. Ltd.; Sallfort Privatbank AG; 5 Continents Consulting Group Jul-12 Newtec Cy N.V €19.0 Participatiemaatschappij Vlaanderen NV Jun-12 Openet Telecom Limited €12.7 Kreos Capital; Cross Atlantic Capital Partners LLC; Balderton Capital; NS Solutions Corp., Investment Arm Sources: Capital IQ and MergerMarket as of December 31, 2014



Selected Internet/Digital Media Private Capital Financings


Transaction Value Investors Oct-14 Momondo Group Limited €100.9 Great Hill Partners, LLC Oct-14 Hotspring Ventures Limited €20.6 Fidelity Growth Partners Europe; Lepe Partners LLP; RGIP LLC Oct-14 True Software Scandinavia AB €47.3 Kleiner Perkins Caufield & Byers; Sequoia Capital India; Atomico Investment Holdings Limited Sep-14 QuBit Digital Ltd €20.5 Accel Partners; Balderton Capital; Salesforce Ventures Sep-14 Adcash OÜ €80.0 Naxicap Partners Sep-14 Delivery Hero Holding GmbH €266.4 Insight Venture Partners; Vostok Nafta Investment Ltd; Kite Ventures Aug-14 Zvooq €15.0 Essedel Oy; Ulmart ZAO Aug-14 foodpanda GmbH €44.8 Rocket Internet AG; Falcon Edge Capital, LP Jul-14 GetYourGuide AG €18.7 Highland Capital Partners; Spark Capital Partners, LLC Jul-14 Social Point S.L. €22.3 Highland Capital Partners; IDInvest Partners Jul-14 Supersonic €11.1 Greylock Israel Partners; SAIF Partners Jul-14 eSKY. Sp. z o.o. €11.5 Syntaxis Capital U.F. GmbH Jul-14 Mediakraft Networks GmbH €16.5 Iris Capital; Shortcut Ventures GmbH; Iris Capnamic Management GmbH Jul-14 Jobs and Talent, S.L. €10.3 Qualitas Equity Partners; Cygnus Asset Management SGIIC S.A.; Fundación José Manuel Entrecanales, Endowment Arm; Next Chance Invest Jul-14 BlablaCar.com €73.3 Accel Partners; Index Ventures; Isai Gestion, SAS; Lead Edge Capital, LLC Jun-14 Saltside Technologies AB €18.4 Investment AB Kinnevik May-14 Runtime Collective Limited €16.1 Highland Capital Partners; Nauta Capital Apr-14 Farfetch.com Limited €47.6 Advent Venture Partners; Vitruvian Partners LLP; Conde Nast International Ltd., Investment Arm Apr-14 Delivery Hero Holding GmbH €61.5 Luxor Capital Group, LP Apr-14 Takeaway.com BV €74.2 Prime Ventures; Macquarie Group Limited, Investment Arm Apr-14 Westwing Home & Living GmbH €72.0 Odey Asset Management LLP; FIL Limited; Tengelmann Ventures GmbH Mar-14 AZUBU Europe AG €25.0 Sapinda Deutschland GmbH Mar-14 Sportority Limited €13.1 Battery Ventures; Gemini Israel Funds; Dawn Capital Mar-14 Hoccer Betriebs GmbH €50.0 Media Ventures GmbH Feb-14 Socialbakers Ltd. €18.9 Index Ventures; Earlybird Venture Capital GmbH & Co. KG Feb-14 True Software Scandinavia AB €13.8 Sequoia Capital India; Open Ocean Capital Ltd. Jan-14 SoundCloud €43.6 GGV Capital; Index Ventures; Institutional Venture Partners; Kleiner Perkins Caufield & Byers; The Chernin Group, LLC; Union Square Ventures Jan-14 Delivery Hero Holding GmbH €64.5 Insight Venture Partners Jan-14 Trustpilot A/S €18.3 Draper Fisher Jurvetson; DFJ Esprit LLP; Index Ventures; Northzone Ventures; SEED Capital Denmark Nov-13 MediaSift Limited €30.9 Upfront Ventures; Insight Venture Partners; Scale Venture Partners; Northgate Capital Group, L.L.C.; Cendana Capital; IA Ventures; Daher Capital Nov-13 Spotify Limited €185.5 Technology Crossover Ventures Oct-13 Skyscanner Ltd. - Sequoia Capital Jul-13 Shazam Entertainment Ltd. €31.2 America Movil S.A.B. de C.V. Sources: Capital IQ and MergerMarket as of December 31, 2014



Selected Internet/Digital Media Private Capital Financings (cont’d)


Transaction Value Investors Jun-13 Wrapp (Bohemian Wrappsody) €11.3 Greylock Partners; American Express Company; QUALCOMM Ventures; SEB Venture Capital; Creandum AB; Atomico Investment Holdings Limited May-13 Urturn €10.4 Debiopharm Group; Balderton Capital May-13 Dailymotion SA €50.0 Orange May-13 Hellofood (Jade 1352. GmbH) €15.3 Investment AB Kinnevik; Rocket Internet GmbH; Phenomen Ventures May-13 Affinitas GmbH €22.2 IBB Beteiligungsgesellschaft GmbH; Holtzbrinck Ventures Gmbh; Rocket Internet GmbH; PDV Inter-Media Venture Apr-13 ResearchGATE GmbH €26.8 Benchmark Capital; The Founders Fund; Tenaya Capital; Thrive Capital; Dragoneer Investment Group, LLC Apr-13 Supercell Oy €96.1 Institutional Venture Partners; Index Ventures; Atomico Investment Holdings Ltd. Mar-13 Farfetch.com Limited €15.3 Advent Venture Partners; e.ventures; Index Ventures; Advance Magazine Publishers Inc. Mar-13 Softonic International S.L. €79.2 Partners Group Holding AG Feb-13 Game Insight LLC €18.4 IMI.VC Jan-13 Appgratis (iMediapp SAS) €10.2 Iris Capital Dec-12 Hailo Network Limited €22.5 Accel Management Co, Inc.; Wellington Partners Venture Capital; KDDI Corporation; Union Square Ventures; Felicis Ventures; Atomico Investment Holdings Ltd; Forward Investment Partners; Red Swan Ventures; Phenomen Ventures Dec-12 Trustpilot A/S €10.1 Index Ventures; Northzone Ventures; SEED Capital Denmark Oct-12 Trustpilot A/S €31.1 Accel Management Co, Inc.; Index Ventures; Balderton Capital Oct-12 Deezer.com €100.0 IDInvest Partners; Access Industries, Inc. Sep-12 Broadbandchoices.co.uk (Decision Technologies) €12.6 Business Growth Fund plc

Sep-12 Criteo SA €30.0 Bessemer Venture Partners; Adams Street Partners, LLC; SAP Ventures; Index Ventures; SoftBank Capital; YJ Capital Aug-12 Delivery Hero Holding GmbH €63.1 Kreos Capital; Holtzbrinck Ventures Gmbh; Team Europe Management GmbH; ru-Net II; Tengelmann Ventures GmbH; Kite Ventures; Point Nine Capital; Phenomen Ventures Aug-12 Deezer.com €30.0 Access Industries Jun-12 Lieferando (yd. yourdelivery GmbH) €15.0 Deutsche Investitions- und Entwicklungsgesellschaft mbH; Logan Capital AG; DuMont Venture Holding GmbH & Co. KG; Macquarie Capital Group Limited; Moraún Investments SA; Rheingau Ventures GmbH; BCM Bruker Capital Management GmbHJun-12 Westwing Home & Living GmbH €40.1 Summit Partners; Holtzbrinck Ventures Gmbh; Investment AB Kinnevik; Access Industries, Inc.; Rocket Internet GmbH May-12 Fotolia LLC €118.0 KKR May-12 Supponor Oy €14.0 Sports Investment Partners LLP Apr-12 Just-Eat Group Holdings Ltd €48.4 Greylock Partners; Redpoint Ventures; Index Ventures; Vitruvian Partners LLP Apr-12 Viadeo S.A. €24.0 Allianz Capital Partners GmbH; IDInvest Partners; Ventech; Bpifrance Participations SA; Jefferies Group, Inc., Investment Arm Mar-12 Hailo Network Limited €12.8 Accel Management Co, Inc.; Atomico Investment Holdings Limited Mar-12 Wikimart Ltd. €23.0 Tiger Global Management LLC Mar-12 Axel Springer Digital Classifieds GmbH €239.5 General Atlantic Coöperatief U.A. Feb-12 Delivery Hero Holding GmbH €25.0 ruNet Holdings Limited; Holtzbrinck Ventures Gmbh; Team Europe Management GmbH; Tengelmann Ventures GmbH; Kite Ventures Jan-12 Playcast Media Systems Ltd. €16.3 Jerusalem Venture Partners; Xenia Venture Capital Jan-12 Farfetch.com Limited €14.2 Advent Venture Partners; e.ventures; Index Ventures Jan-12 SoundCloud Ltd. €38.7 Kleiner, Perkins, Caufield & Byers; GGV Capital Sources: Capital IQ and MergerMarket as of December 31, 2014



Selected Technology Services Private Capital Financings


Transaction Value Investors Feb-14 FACELIFT brand building technologies GmbH €11.0 Corporate Finance Partners

Oct-13 PTS Consulting Group Plc €10.3 Business Growth Fund plc Sep-13 Exclusive Networks SAS €12.0 Omnes Capital; Edmond de Rothschild Investment Partners, S.A.S.; Socadif SA, SCR Sep-13 Inoapps Limited €11.9 Business Growth Fund plc Jul-12 Six Degrees Technology Group Ltd €10.2 Penta Capital Jul-12 Sportradar AG €44.0 EQT Partners AB Mar-12 Pulsant Limited €28.7 Bridgepoint Development Capital Sources: Capital IQ and Mergermarket as of December 31, 2014 Selected Semiconductors Private Capital Financings


Transaction Value Investors Jul-14 XMOS, Ltd. €19.4 Foundation Capital; DFJ Esprit LLP; Xilinx Inc. (NasdaqGS:XLNX); Amadeus Capital Partners Limited; Huawei Investment & Holding Co., Ltd.; Robert Bosch Venture Capital GmbHMar-14 glo AB €21.6 Teknoinvest AS; Wellington Partners Venture Capital GmbH; Foundation Asset Management AB; Nano Future Invest AS; Contango Kapital ASDec-13 XMOS, Ltd. €10.3 Foundation Capital; DFJ Esprit LLP; Amadeus Capital Partners Limited

Nov-13 Hanwha Q CELLS GmbH €138.8 Hanwha Chemical Corp. Sep-13 Thin Film Electronics ASA €17.5 INVESCO Asset Management Limited Aug-13 Movidius Ltd. €12.5 DFJ Esprit LLP; Dublin Business Innovation Centre, Investment Arm; Enterprise Equity (Irl) Limited; Western Investment Fund; Atlantic Bridge; Capital-E NV; Robert Bosch Venture Capital GmbH Jul-13 Crocus Technology SA €34.0 IDInvest Partners; Sofinnova Ventures, Inc.; Ventech; Innovation Capital SAS; NanoDimension Management Limited; Industrial Investors; RusNanoAug-12 MAPPER Lithography B.V. €80.0 Parcom Capital; DEMCON Holding B.V.; RusNano; Technolution B.V.; NL Agency; Hoving & Partners S.A. Sources: Capital IQ and MergerMarket as of December 31, 2014



Selected Applied Technology and Systems Private Capital Financings


Transaction Value Investors Aug-14 Tobii Technology AB €10.9 Sjätte AP-fonden

Jan-14 Eyefreight BV €9.0 De Hoge Dennen Capital PE BV; Global Cleantech Capital Fund B.V. Jan-14 Idex ASA €35.9 INVESCO Asset Management Limited Feb-13 Leosphere, Inc. €21.0 ORAXYS S.A. Nov-12 Tattile srl €15.0 Ambienta SGR S.p.A. Sep-12 Wireless Energy Management Systems International Limited €16.3 WHEB Partners; Hermes GPE Jun-12 Power Plus Communications AG €12.0 Siemens Venture Capital GmbH; Climate Change Capital Asset Management; British Gas Energy Services Ltd. Jun-12 Flatfrog Laboratories AB €20.0 The Invus Group, LLC; Intel Capital; Sunstone Capital A/S May-12 Exosun SAS €12.0 Omnes Capital; Grand Sud Ouest Capital, S.C.R. SA.; French Environment and Energy Management Agency; Crédit Agricole Aquitaine Expansion, SASMar-12 Tobii Technology AB €16.1 Amadeus Capital Partners Limited; Intel Capital; Investor Growth Capital; Northzone Ventures Mar-12 Heliatek GmbH €60.0 BASF; Bosch; RWE Mar-12 Aldebaran Robotics, SA €38.8 SoftBank Corp. Sources: Capital IQ and MergerMarket as of December 31, 2014



Selected Technology IPOs

Date Issuer Offering Size % Price Change Offer/Current

% of Total Offering

Stock Exchange Sector Primary Secondary Nov-14 Cyber-Ark Software Ltd €165.4 (9.5%) 100.0% 0.0% Nasdaq Global Select Software Oct-14 Rocket Internet AG €1,400.0 20.9% 100.0% 0.0% Frankfurt Stock Exchange Internet / Digital Media Oct-14 Gamma Communications plc €105.0 28.6% 0.0% 100.0% London Stock Exchange AIM Market Communications Sep-14 Zalando SE €526.2 18.6% 100.0% 0.0% Frankfurt Stock Exchange Internet and Digital Media Sep-14 Crossrider Plc €58.8 6.8% 100.0% 0.0% London Stock Exchange AIM Market Financial Technology Jul-14 Matomy Media Group Ltd €51.6 2.4% 100.0% 0.0% London Stock Exchange Internet / Digital Media Jul-14 Mobileye N.V. €664.8 62.2% 100.0% 0.0% New York Stock Exchange Applied Technologies and Systems Jul-14 Viadeo S.A. €24.4 (62.7%) 100.0% 0.0% Euronext Paris Internet / Digital Media Jun-14 Worldline S.A. €574.7 (2.4%) 44.4% 55.6% Euronext Paris Financial Technology Jun-14 IMImobile Limited €37.5 22.9% 100.0% 0.0% London Stock Exchange AIM Market Software Jun-14 ASK S.A. €20.1 (43.8%) 100.0% 0.0% Euronext Paris Semiconductor Jun-14 Zalaris ASA €22.3 18.7% 26.8% 73.2% Oslo Bors Technology Services Jun-14 Markit Ltd €945.6 10.1% 0.0% 100.0% Nasdaq Global Market Financial Technology Jun-14 Zoopla Property Group Plc €437.1 (10.7%) 0.0% 100.0% London Stock Exchange Internet / Digital Media Apr-14 JUST EAT plc €435.7 19.1% 27.8% 72.2% London Stock Exchange Internet / Digital Media Apr-14 BravoFly SA €210.7 (68.9%) 45.5% 54.5% Six Swiss Exchange Internet / Digital Media Mar-14 XLMedia PLC €50.1 6.1% 78.5% 21.5% London Stock Exchange AIM Market Internet / Digital Media Mar-14 boohoo.com plc €361.8 (21.0%) 100.0% 0.0% London Stock Exchange AIM Market Internet / Digital Media Mar-14 Triboo Media S.p.A. €24.0 (5.0%) 90.0% 10.0% Borsa Italiana Internet / Digital Media Feb-14 AO World Plc €514.9 (1.7%) 14.2% 85.8% London Stock Exchange Internet / Digital Media Feb-14 King Digital Entertainment plc €362.6 (31.7%) 70.0% 30.0% New York Stock Exchange Internet / Digital Media Nov-13 Arria NLG Plc €123.5 (78.8%) 100.0% 0.0% London Stock Exchange AIM Market Applied Technologies and Systems Nov-13 Napatech A/S €16.7 (51.9%) 83.3% 16.7% Oslo Bors Communications Nov-13 GameAccount Network plc €26.6 (62.2%) 100.0% 0.0% London Stock Exchange AIM Market Internet / Digital Media Oct-13 Servelec Group plc €147.7 65.9% 0.0% 100.0% London Stock Exchange Applied Technologies and Systems Oct-13 Tungsten Corporation €185.2 3.6% 100.0% 0.0% London Stock Exchange AIM Market Software Oct-13 Criteo SA €208.8 30.4% 100.0% 0.0% Nasdaq Internet / Digital Media Jun-13 Keywords International Ltd. €32.5 15.9% 35.7% 64.3% London Stock Exchange AIM Market Technology Services May-13 Outsourcery PLC €14.8 (75.5%) 100.0% 0.0% London Stock Exchange AIM Market Technology Services May-13 Luxoft Holding, Inc. €53.2 126.5% 50.0% 50.0% New York Stock Exchange Technology Services Mar-13 Qiwi plc €162.9 18.8% 0.0% 100.0% Nasdaq Global Select Fintech Mar-13 Asetek A/S €25.6 (47.2%) 75.0% 25.0% Oslo Bors Software Sources: Capital IQ as of December 31, 2014



Selected Technology IPOs (cont’d)


% of Total Offering

Stock Exchange Sector Primary Secondary Aug-12 Fleetmatics Group PLC €102.2 108.8% 70.0% 30.0% New York Stock Exchange Software May-12 Etherstack plc €41.4 (68.8%) 50.0% 50.0% Australian Securities Exchange Communications May-12 WANdisco plc €22.4 165.3% 100.0% 0.0% London Stock Exchange AIM Market Software Feb-12 INSIDE Secure €69.0 (68.4%) 100.0% 0.0% Euronext Paris Semiconductor Jan-12 AVG Technologies N.V. €97.0 23.4% 50.0% 50.0% New York Stock Exchange Software Median €97.0

Average €214.1 Sources: Capital IQ as of December 31, 2014



Selected Technology Follow-on Offerings


% of Total Offering

Stock Exchange Sector Primary Secondary Sep-14 Bango PLC €33.9 (55.2%) 100.0% 0.0% London Stock Exchange AIM Market Financial Technology Sep-14 Earthport plc €33.7 5.3% 100.0% 0.0% London Stock Exchange AIM Market Financial Technology Sep-14 United Internet AG €352.0 11.3% 100.0% 0.0% Frankfurt Stock Exchange Internet / Digital Media Sep-14 Myriad Group AG €23.9 (87.5%) 100.0% 0.0% Six Swiss Exchange Software Sep-14 Amadeus IT Holding SA €128.0 10.9% 0.0% 100.0% Madrid Stock Exchange Technology Services Sep-14 BasWare Oyj €43.2 19.4% 100.0% 0.0% NASDAQ OMX Helsinki Software Sep-14 Tungsten Corporation Plc €15.3 (32.4%) 100.0% 0.0% London Stock Exchange AIM Market Financial Technology Jul-14 Rightster Group Plc €52.8 (38.4%) 100.0% 0.0% London Stock Exchange AIM Market Internet / Digital Media Jun-14 Opera Software ASA €95.7 18.0% 100.0% 0.0% Oslo Bors Software Jun-14 Soitec S.A. €83.1 27.5% 100.0% 0.0% Euronext Paris Semiconductor Jun-14 Microwave Vision SA €28.4 (10.7%) 100.0% 0.0% Euronext Paris Applied Technology and Systems Jun-14 Volex plc €22.6 (7.3%) 100.0% 0.0% London Stock Exchange Communications Jun-14 Qiwi plc €235.0 (52.5%) 25.0% 75.0% Nasdaq Global Select Financial Technology Jun-14 Next Biometrics Group AS €24.3 (37.5%) 94.9% 5.1% Oslo Bors Applied Technology and Systems May-14 NXP Semiconductors NV €795.3 0.6% 0.0% 100.0% Nasdaq Global Select Semiconductor Mar-14 Monitise plc €139.0 (62.1%) 100.0% 0.0% London Stock Exchange AIM Market Financial Technology May-14 Solocal Group SA €440.4 9.6% 100.0% 0.0% Euronext Paris Internet / Digital Media May-14 NXP Semiconductors NV €764.8 25.0% 0.0% 100.0% Nasdaq Global Select Semiconductor Mar-14 Monitise plc €130.9 (62.1%) 100.0% 0.0% London Stock Exchange AIM Market Financial Technology Mar-14 Phoenix IT Group PLC €10.3 16.7% 100.0% 0.0% London Stock Exchange Technology Services Mar-14 Criteo SA €236.3 (15.2%) 10.0% 90.0% Nasdaq Global Select Internet / Digital Media Feb-14 Maginc Software Enterprices Ltd €36.9 (23.4%) 100.0% 0.0% Nasdaq Global Select Software Feb-14 Wirecard AG €366.8 4.1% 100.0% 0.0% XETRA Trading Platform Financial Technology Feb-14 Innovation Group plc €80.1 (9.4%) 100.0% 0.0% London Stock Exchange Software Feb-14 Expert System S.p.A. €17.3 5.3% 100.0% 0.0% Borsa Italiana Applied Technology and Systems Feb-14 Idex ASA €35.4 (52.6%) 100.0% 0.0% Oslo Bors Applied Technology and Systems Jan-14 Incadea Plc €14.0 33.2% 100.0% 0.0% London Stock Exchange AIM Market Software Jan-14 SolarWorld AG €174.8 (66.7%) 100.0% 0.0% XETRA Trading Platform Semiconductors Dec-13 Fingerprint Cards AB €13.3 (24.4%) 100.0% 0.0% OMX Nordic Exchange Stockholm Applied Technology and Systems Dec-13 NXP Semiconductors NV €771.9 77.5% 0.0% 100.0% Nasdaq Global Select Semiconductor Nov-13 Manz AG €26.9 (11.8%) 100.0% 0.0% XETRA Trading Platform Applied Technology and Systems Nov-13 Sequans Communications S.A. €16.7 (33.4%) 100.0% 0.0% New York Stock Exchange Semiconductor Nov-13 Redcentric plc €76.2 83.1% 100.0% 0.0% London Stock Exchange AIM Market Technology Services Nov-13 Cancom SE €56.0 43.5% 100.0% 0.0% XETRA Trading Platform Technology Services



Selected Technology Follow-on Offerings (cont’d)


% of Total Offering

Stock Exchange Sector Primary Secondary Nov-13 Quindell Plc €251.5 106.3% 0.0% 100.0% London Stock Exchange AIM Market Software Nov-13 Sapiens International Corp. NV €40.6 19.8% 100.0% 0.0% Nasdaq Capital Market Software Nov-13 SQS Software Quality Systems AG €13.7 35.1% 100.0% 0.0% London Stock Exchange AIM Market Software Nov-13 Opera Software ASA €66.6 37.8% 100.0% 0.0% Oslo Bors Software Nov-13 Opus Group AB €17.4 11.8% - - OMX Nordic Exchange Stockholm Applied Technology and Systems Nov-13 Seamless Distribution AB €36.4 (73.8%) 100.0% 0.0% OMX Nordic Exchange Stockholm Financial Technology Nov-13 Alcatel-Lucent, S.A. €956.7 26.7% 100.0% 0.0% Euronext Paris Communications Oct-13 Aixtron SE €101.2 (9.2%) 100.0% 0.0% Deutsche Boerse AG Semiconductor Oct-13 Nanoco Group plc €11.8 (1.3%) 100.0% 0.0% London Stock Exchange AIM Market Semiconductor Oct-13 Globo plc €28.5 13.7% 100.0% 0.0% London Stock Exchange AIM Market Software Sep-13 WANdisco plc €22.6 21.7% 100.0% 0.0% London Stock Exchange AIM Market Software Sep-13 QIWI plc €177.6 (37.7%) 0.0% 100.0% Nasdaq Global Select Financial Technology Sep-13 Fleetmatics Group plc €207.0 (19.4%) 0.0% 100.0% New York Stock Exchange Software Sep-13 NXP Semiconductors NV €708.8 100.3% 0.0% 100.0% Nasdaq Global Select Semiconductor Jul-13 Fleetmatics Group plc €266.9 14.3% 9.2% 90.8% New York Stock Exchange Software Jun-13 Soitec S.A. €71.5 40.7% 100.0% 0.0% Euronext Paris Semiconductor May-13 1Spatial Plc €21.1 10.4% 100.0% 0.0% London Stock Exchange AIM Market Software Mar-13 Atos S.A. €129.2 (98.1%) 0.0% 100.0% Euronext Paris Technology Services Mar-13 Yandex N.V. €423.4 (24.0%) 0.0% 100.0% Nasdaq Global Select Internet/Digital Media Mar-13 NXP Semiconductors NV €599.5 140.2% 0.0% 100.0% Nasdaq Global Select Semiconductor Feb-13 Mail.ru Group €406.7 (56.1%) 0.0% 100.0% London Stock Exchange Internet/Digital Media Feb-13 Tomorrow Focus AG €19.2 (6.6%) 100.0% 0.0% Deutsche Borse Internet/Digital Media Feb-13 NXP Semiconductors NV €672.3 148.5% 0.0% 100.0% Nasdaq Global Select Semiconductor Jan-13 Fleetmatics Group PLC €150.4 50.8% 0.0% 100.0% New York Stock Exchange Software Jan-13 IQE Public Limited Company €20.1 (37.9%) 100.0% 0.0% London Stock Exchange AIM Market Semiconductor Dec-12 Monitise plc €123.0 (14.2%) 100.0% 0.0% London Stock Exchange AIM Market Software Nov-12 Quindell Portfolio Plc €24.9 153.8% 100.0% 0.0% London Stock Exchange AIM Market Software Nov-12 Quindell Portfolio Plc €33.1 153.8% 100.0% 0.0% London Stock Exchange AIM Market Software Oct-12 Fleetmatics Group PLC €113.1 458.7% 69.6% 30.4% New York Stock Exchange Software Apr-12 itelligence AG €36.8 - 100.0% 0.0% Frankfurt Stock Exchange Prime Standard Technology Services Mar-12 Wirecard AG €139.5 148.9% - - Frankfurt Stock Exchange Fintech Feb-12 Quindell Portfolio Plc €38.3 388.9% 100.0% 0.0% London Stock Exchange AIM Market Fintech Feb-12 Brady plc €21.6 (12.3%) 100.0% 0.0% London Stock Exchange AIM Market Fintech Median €66.6

Average €169.0 Sources: Capital IQ as of December 31, 2014


Quarterly European Technology Report Notes 33

Notes


Quarterly European Technology Report 34 Disclosures

Disclosures

William Blair is a trade name for William Blair & Company, L.L.C. and William Blair International, Limited. William Blair & Company, L.L.C., is a Delaware company and is regulated by the Securities and Exchange Commission, The Financial Industry Regulatory Authority, and other principal exchanges. William Blair International Limited is authorised and regulated by the Financial Conduct Authority ("FCA") in the United Kingdom. William Blair & Company® only offers products and services where it is permitted to do so. Some of these products and services are only offered to persons or institutions situated within the United States and are not offered to persons or institutions outside of the United States. This material has been approved for distribution in the United Kingdom by William Blair International Limited, Regulated by the Financial Conduct Authority (FCA), and is directed only at, and is only made available to, persons falling within COB 3.5 and 3.6 of the FCA Handbook (being “Eligible Counterparties” and Professional Clients). This Document is not to be distributed or passed on to any “Retail Clients.” No persons other than persons to whom this document is directed should rely on it or its contents or use it as the basis to make an investment decision. William Blair & Company | 222 West Adams Street | Chicago, Illinois 60606 | +1 312 236 1600 | williamblair.com January 21, 2015

William Blair’s investment banking group combines significant transaction experience, rich industry knowledge, and deep relationships to deliver successful advisory and financing solutions to our global base of corporate clients. We serve both publicly traded and privately held companies, executing mergers and acquisitions, growth financing, financial restructuring, and general advisory projects. This comprehensive suite of services allows us to be a long-term partner to our clients as they grow and evolve. From 2010-2014, the investment banking group completed more than 330 merger-and-acquisition transactions worth $73 billion in value, involving parties in 36 countries and five continents, was an underwriter on more than 20% of all U.S. initial public offerings, and raised nearly $100 billion in public and private financing.

About William Blair Investment Banking

european technology report - william blair · 2015-01-21 · and privately held companies,...

Documents