hw&co. industry reader template...altice has agreed to acquire cablevision systems, the us-based...

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EUROPEAN TECHNOLOGY

0

INDUSTRY UPDATE │ SEPTEMBER 2015

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www.harriswilliams.comwww.harriswilliams.de

RECENT DEVELOPMENTS

1

COMPANY SPECIFIC NEWS

Altice has agreed to acquire Cablevision Systems, the US-based telecommunications and media company providing cable operations, valuing the business at $16.6bn

Vista Equity Partners has agreed to acquire Solera, the US-based provider of risk and asset management software and services to insurers and OEMs, valuing the business at c.$6.5bn

Dialog Semiconductor has agreed to acquire Atmel, the US-based company engaged in the design and manufacture of microcontrollers, capacitive touch solutions and radio frequency components, valuing the business at $4.2bn

Paddy Power has reached an agreement to merge with the Betfair Group, the UK-based gambling company, valuing the combined business at c.£6.0bn

Siris Capital announced plans to acquire Premiere Global Services, the US-based provider of web conferencing and online meeting technology software and services, valuing the business at c.$1.0bn

Tele Columbus has agreed to acquire Pepcom, the Germany-based provider of cable network services, from STAR Capital, valuing the business at €608m

Amazon Web Services has agreed to acquire Elemental Technologies, the US-based company that designs and develops video processing solutions, valuing the business at c.$500m

The Carlyle Group has agreed to acquire The Innovation Group, the UK-based provider of software and outsourcing services, valuing the business at £437m

Interoute Communications has agreed to acquire Easynet Global Services, the UK-based provider of integrated networks, hosting and unified communications solutions, from Equistone Partners valuing the business at £402m

Technicolor has acquired The Mill, the UK-based provider of visual effects for both advertising agencies and brands, from Equistone Partners Europe, for £190m in a HW&Co. transaction

Veeva Systems has acquired Zinc Ahead, the UK-based provider of of commercial content management solutions, valuing the business at $120m, with an additional potential earn-out of up to $10m

Valid Soluciones Tecnologicas has agreed to acquire Fundamenture, the Denmark-based provider of smart card technology solutions to the global telecom market, valuing the business initially at $90m, with an additional potential earn-out of up to $48m

News Corp has agreed to acquire Unruly Holdings, the UK-based ad platform providing digital and social video advertising for clients globally, valuing the business at £58m, with an additional potential earn-out of up to £56m

InfraVia Capital Partners has agreed to acquire the Telecoms Infrastructure business of Coillte, the Ireland-based business division providing telecoms infrastructure solutions to the Irish telecoms and broadcast industries, valuing the business at €70m

Credit Mutuel Arkea has acquired an 86% stake in Leetchi, the France-based online money pot collection platform for charities, from a group of investors including Idinvest Partners and Kima Ventures, valuing the business at €58m

Kyocera Document Solutions has agreed to acquire Ceyoniq, the Germany-based provider of intelligent, digital documentation and information administration services, valuing the business at JPY 5bn

Pearson has agreed to acquire Learndirect, the UK-based provider of technology-led training that includes adult skills, employability and apprenticeships and eAssessment services, for an undisclosed amount

WorldPay, the UK-based provider of online payment processing services to SMEs, has announced plans to raise £890m through an IPO

On the Beach Group, the UK-based online retailer of affordable short-haul beach holidays, has announced plans to raise c.£90m through an IPO

Oberthur, the France-based smartcard manufacturer, has announced plans for an IPO by the end of 2015

EUROPEAN TECHNOLOGY


CONTENTS

RECENT DEVELOPMENTS

PUBLIC MARKET TRADING

SOFTWARE

IT SERVICES

COMMUNICATIONS

INTERNET AND DIGITAL MEDIA

TMT GROUP OVERVIEW

Our Technology, Media & Telecom (TMT) Group is dedicated to providing superior merger & acquisition and capital markets advisory services to market leading companies. Our extensive industry knowledge and transaction leadership experience spans the software, digital media, IT services and communications sectors. Our professionals in London, Boston and San Francisco have global relationships with leading technology companies and financial investors. Thoughtful advice, deep experience and technology expertise, creativity and attention to detail from our senior technology bankers have resulted in a track record of consistently exceeding our clients' expectations.

CONTACTS

EUROPE

Thierry MonjauzeManaging [email protected]+44 (0) 20 7518 8901

Jonathan OrganVice [email protected]+44 (0) 20 7518 8909

UNITED STATES

Jeff BistrongManaging [email protected]+1 (617) 482-7501

Michael WilkinsManaging [email protected]+1 (415) 288-4260

Sam HendlerManaging [email protected]+1 (617) 654-2117

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mailto:[email protected]





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(40%)

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0%

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10%

15%

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25%

Sep 2014 Dec 2014 Mar 2015 Jun 2015 Sep 2015

Communications DJ Stoxx 600 Technology

Internet and Digital Media IT Services

Nasdaq Composite Software

According to Juniper Research, retailers will spend $2.5bn a year on Bluetooth beacons, RFID tags and other technology associated with the 'internet of things' by 2020 up from €670m in 2015, representing a CAGR of 30.1%

According to a new IT spending forecast report published by IDC, IT spending by Western European utilities is expected to reach $18.4 billion by 2019, representing a CAGR of 3.3% from 2014

According to new figures from eMarketer, UK programmatic digital display ad spending will grow 66.2% to reach £1.8bn this year, accounting for more than 59.0% of the UK display advertising market for the first time. Additional double-digit growth will push spending toward £2.5bn in 2016

The global banking IT market will be worth approximately $486.3m in 2015 and will reach €520.6m by 2018, representing a CAGR of 2.3%, according to Gartner’s latest forecast

Public cloud services are gradually gaining acceptance in Central and Eastern Europe, with total market value expected to reach $386m (excluding Russia) in 2015, according to a cloud market report series published by IDC

Forrester Research forecasts that the strong dollar will drop global tech markets spending by 3.1% in 2015 (as measured in US dollars) - even though most countries will see the market grow by 3% or more in their own currencies

INDUSTRY TRENDS

RECENT DEVELOPMENTS

2

EUROPEAN TECHNOLOGY


LAST TWELVE MONTHS

Stock Performance

LAST 30 DAYS

PUBLIC MARKET TRADING STATISTICS

Source: Various industry news outlets

(0.6%)

(1.9%)

(2.2%)

(3.1%)

(3.1%)

(3.9%)

5.1%

3.9%

3.2%

0.5%

(1.8%)

(21.3%)

(10%)

(8%)

(6%)

(4%)

(2%)

0%

2%

4%

6%

8%

10%

27 Aug 03 Sep 10 Sep 17 Sep 24 Sep

Communications DJ Stoxx 600 Technology

Internet and Digital Media IT Services

Software Nasdaq Composite

http://www.out-law.com/en/articles/2015/september/retailers-forecast-to-spend-25-billion-a-year-on-internet-of-things-tech-by-2020/

https://www.idc.com/getdoc.jsp?containerId=prUK25927015

http://www.emarketer.com/Article/UK-Programmatic-Display-Ad-Spending-Will-Surpass-2-Billion-2016/1012941

http://www.gartner.com/document/3137620?ref=QuickSearch&sthkw=&refval=156340965&qid=

https://www.idc.com/getdoc.jsp?containerId=prCZ25874115

http://biztechreports.com/blog/2015/09/08/tech-market-spending-will-drop-by-3-1-percent-in-u-s-dollars-in-2015-forrester-forecasts/

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PUBLIC MARKET TRADING STATISTICS

3

EUROPEAN TECHNOLOGY


COMPARABLE TRADING SUMMARY

Rev. Growth EBITDA Margin CY2015E CY2016E CY2015E CY2016E CY2015E CY2016E

Software

European Large Cap. Software 14.4% 34.1% 5.0x 4.7x 15.0x 13.6x 22.6x 20.4x

Application Software 4.1% 25.8% 4.0x 3.7x 16.4x 14.1x 19.1x 21.0x

Infrastructure Software 13.2% 29.4% 3.3x 3.0x 11.4x 10.1x 16.9x 16.7x

Large Cap. SaaS 29.4% 13.8% 7.4x 5.9x 29.1x 23.5x 36.3x 36.9x

Small Cap. SaaS 22.0% 5.2% 4.5x 3.7x 31.0x 27.0x NM 38.2x

HCM/WFM 22.2% 6.9% 6.4x 5.2x 27.4x 20.4x 25.0x 23.7x

FinTech 12.4% 26.9% 5.0x 4.4x 18.0x 15.3x 24.0x 22.2x

Healthcare IT 9.8% 13.3% 3.3x 3.0x 14.6x 12.7x 24.2x 21.9x

Data and Data Analytics 12.7% 24.5% 4.8x 4.2x 10.9x 14.4x 17.8x 16.2x

Security Software 18.3% 21.6% 5.6x 4.7x 14.0x 14.4x 17.9x 19.2x

CAx/PLM 3.1% 27.1% 4.5x 4.3x 17.4x 13.5x 26.3x 22.4x

IT Services

IT Services 2.4% 12.7% 1.0x 1.0x 8.4x 7.4x 17.2x 14.5x

Offshore IT Services 11.1% 24.0% 3.4x 3.0x 14.1x 12.5x 19.2x 17.5x

Managed Services, Colocation and Hosting 10.3% 29.2% 2.6x 2.4x 9.6x 8.4x 20.8x 18.4x

Data Centres 7.9% 53.0% 7.6x 6.9x 14.4x 12.8x 30.4x 31.8x

PaaS/IaaS 14.6% 24.3% 3.6x 3.0x 10.0x 8.3x 17.7x 18.4x

Communications

Digital Broadband (0.7%) 10.5% 1.1x 1.0x 11.5x 8.5x 18.9x 20.0x

Diversified Communication Equipment 2.1% 10.9% 1.0x 0.9x 10.1x 7.4x 19.1x 13.8x

Mobile Content/Solutions Providers 13.8% 13.9% 1.2x 1.0x 8.6x 5.9x 21.2x 14.7x

Mobile Infrastructure Software 1.8% 23.9% 2.3x 2.2x 12.1x 7.7x 18.5x 14.8x

Internet and Digital Media

Global Internet Leaders 9.4% 34.5% 5.4x 4.5x 15.8x 12.9x 19.7x 21.2x

Chinese Internet Leaders 41.5% (0.1%) 4.4x 3.0x 19.0x 10.9x 25.3x 18.1x

Online Classifieds 14.6% 32.2% 5.4x 4.5x 15.4x 11.7x 23.9x 19.6x

Content Providers/Communities 22.6% 17.6% 4.5x 3.5x 26.6x 17.1x 21.6x 34.7x

Ecommerce 14.3% 17.3% 3.4x 2.9x 17.5x 13.5x 26.2x 26.2x

Interactive Entertainment 0.8% 27.7% 2.7x 2.5x 9.9x 9.3x 21.9x 19.1x

Intermediation and Comparison 23.7% 16.9% 3.0x 2.6x 13.3x 12.8x 23.8x 20.9x

Online Gambling 11.0% 24.2% 3.5x 3.0x 14.4x 12.9x 19.9x 22.7x

Digital Marketing 20.8% 12.6% 2.6x 2.2x 12.8x 14.6x 19.9x 16.4x

Online Travel 10.3% 22.5% 3.9x 3.3x 17.1x 14.3x 25.7x 24.3x

Educational Technology (1.4%) 1.7% 2.8x 2.4x 6.3x 12.3x 22.2x 26.2x

Internet Services 31.6% 15.5% 3.0x 2.5x 18.3x 13.9x 11.6x 20.3x

P / EEV / Revenue EV / EBITDACY2015E

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(15%)

(10%)

(5%)

0%

5%

10%

15%


Application Software CAx/PLM Data and Data Analytics European Large Cap. Software

Fintech HCM/WFM Healthcare IT Infrastructure Software

Large Cap. SaaS Security Software Small Cap. SaaS

SOFTWARE

4

EUROPEAN TECHNOLOGY


LAST 30 DAYS PERFORMANCE

LAST TWELVE MONTHS PERFORMANCE

(40%)

(30%)

(20%)

(10%)

0%

10%

20%

30%

40%


Application Software CAx/PLM Data and Data Analytics European Large Cap. Software

Fintech HCM/WFM Healthcare IT Infrastructure Software

Large Cap. SaaS Security Software Small Cap. SaaS

Small Cap. SaaS 22.7%

Fintech 19.3%

Security Software 15.4%

Data and Data Analytics 15.2%

Large Cap. SaaS 12.7%

Healthcare IT 4.3%

HCM/WFM 0.5%

European Large Cap. Software (4.3%)

Application Software (5.0%)

Infrastructure Software (15.6%)

CAx/PLM (15.6%)

HCM/WFM 4.5%

Fintech 0.8%

Small Cap. SaaS 0.7%

Security Software (0.9%)

Application Software (0.9%)

European Large Cap. Software (2.2%)

Large Cap. SaaS (2.8%)

Healthcare IT (4.0%)

Infrastructure Software (4.1%)

Data and Data Analytics (5.3%)

CAx/PLM (5.6%)

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SOFTWARE

5

EUROPEAN TECHNOLOGY


Market Enterprise CY2015E

Cap ($m) Value ($m) EBITDA Margin Rev. Growth CY2015E CY2016E CY2015E CY2016E CY2015E CY2016E

European Large Cap. Software

SAP 76,947 84,153 34.5% 7.9% 3.7x 3.5x 10.7x 10.0x 15.9x 14.4x

Dassault Systemes 18,727 17,457 33.5% 12.8% 5.5x 5.0x 16.3x 14.5x 30.2x 26.7x

Sage 8,455 9,228 29.9% 3.5% 4.3x 4.1x 14.4x 13.6x 20.5x 19.2x

Micro Focus 4,079 5,465 40.9% 56.8% 4.8x 4.4x 11.8x 10.5x 15.0x 12.9x

Temenos 2,737 3,142 35.0% 9.7% 5.9x 5.4x 16.9x 14.2x 24.7x 21.4x

Aveva 2,090 1,933 30.5% (4.3%) 6.0x 5.8x 19.7x 18.6x 29.1x 27.6x

Mean 34.1% 14.4% 5.0x 4.7x 15.0x 13.6x 22.6x 20.4x

Median 34.0% 8.8% 5.1x 4.7x 15.4x 13.9x 22.6x 20.3x

Application Software

Microsoft 351,431 290,376 27.1% (4.8%) 3.3x 3.1x 12.1x 8.1x 17.5x 15.7x

Oracle 153,740 140,301 46.0% (2.8%) 3.7x 3.6x 8.1x 7.8x 14.1x 13.0x

SAP 76,947 84,153 34.5% 7.9% 3.7x 3.5x 10.7x 10.0x 15.9x 14.4x

Intuit 24,370 23,173 31.7% (3.8%) 5.3x 4.9x 16.6x 13.3x 31.3x 24.4x

Constellation Software 9,082 9,303 24.0% 9.8% 5.1x 4.3x 21.2x 17.7x 26.7x 22.2x

Sage 8,455 9,228 29.9% 3.5% 4.3x 4.1x 14.4x 13.6x 20.5x 19.2x

Tyler Technologies 5,112 4,908 26.8% 17.5% 8.5x 7.4x 31.6x 26.1x NM 49.6x

Guidewire Software 3,694 3,122 17.7% 6.1% 8.0x 7.3x 45.4x 40.2x NM NM

IFS 882 846 17.0% 8.0% 2.1x 1.9x 12.1x 11.0x 30.0x 23.7x

SDL 397 385 9.5% 2.2% 0.9x 0.9x 9.8x 8.0x 16.2x 13.3x

Cegid 376 423 27.0% (4.1%) 1.4x 1.3x 5.1x 4.8x 14.5x 13.3x

American Software 262 197 18.2% 9.7% 1.8x 1.7x 9.7x 8.9x 23.5x 22.3x

Mean 25.8% 4.1% 4.0x 3.7x 16.4x 14.1x 19.1x 21.0x

Median 26.9% 4.8% 3.7x 3.6x 12.1x 10.5x 17.5x 19.2x

Infrastructure Software

Hewlett-Packard 44,974 53,700 12.3% (6.8%) 0.5x 0.5x 4.2x 4.3x 7.0x 6.7x

VMware 33,394 27,905 35.9% 10.2% 4.2x 3.8x 11.7x 10.7x 19.7x 17.4x

Red Hat 13,380 12,932 26.5% 14.5% 6.6x 5.7x 24.7x 21.2x NM 34.9x

CA Technologies 12,074 10,655 38.1% (6.8%) 2.6x 2.6x 6.9x 6.6x 11.4x 10.9x

Citrix Systems 11,558 11,994 29.4% 3.0% 3.7x 3.5x 12.6x 11.8x 19.3x 17.7x

F5 Networks 8,149 7,351 39.8% 9.9% 3.7x 3.4x 9.4x 9.5x 17.1x 15.3x

Brocade 4,349 3,821 29.7% 1.8% 1.7x 1.7x 5.7x 6.0x 10.5x 10.4x

Netscout Systems 3,643 3,435 26.9% 88.3% 4.1x 2.6x 15.2x 9.1x 19.4x 15.9x

Solarwinds 3,062 2,815 46.4% 18.5% 5.6x 4.7x 12.0x 11.0x 19.5x 17.0x

Software AG 2,297 2,292 27.5% (6.4%) 2.3x 2.3x 8.5x 8.1x 12.9x 12.3x

Pegasystems 1,880 1,653 16.8% 11.7% 2.5x 2.2x 14.7x 12.4x 31.3x 27.2x

Progress Software 1,309 1,256 31.1% 27.1% 3.0x 2.8x 9.6x 9.2x 17.8x 16.5x

Radware 770 689 21.9% 6.1% 2.9x 2.6x 13.4x 11.7x 17.5x 15.3x

Mean 29.4% 13.2% 3.3x 3.0x 11.4x 10.1x 16.9x 16.7x

Median 29.4% 9.9% 3.0x 2.6x 11.7x 9.5x 17.6x 15.9x

Large Cap. SaaS

Salesforce 47,488 46,110 18.4% 23.3% 7.0x 5.8x 37.8x 27.3x NM NM

Workday 13,933 12,141 6.1% 47.5% 10.5x 7.7x NM NM NM NM

NetSuite 6,862 6,527 6.9% 34.3% 8.8x 6.7x NM NM NM NM

The Ultimate Software Group 5,246 4,968 23.9% 21.9% 8.1x 6.6x 33.7x 26.7x NM NM

Athenahealth 5,220 5,139 18.2% 23.1% 5.6x 4.6x 30.6x 25.0x NM NM

Guidewire Software 3,694 3,028 17.7% 6.1% 7.8x 7.1x 44.0x 39.0x NM NM

Dealertrack Technologies 3,450 4,219 20.5% 29.7% 3.8x 3.3x 18.8x 15.6x NM 33.7x

Veeva Systems 3,202 2,641 29.6% 27.6% 6.6x 5.4x 22.4x 18.3x NM 41.8x

Medidata Solutions 2,437 2,276 23.2% 19.9% 5.6x 4.7x 24.3x 18.9x NM 37.1x

Fleetmatics 1,922 1,700 31.6% 22.3% 6.0x 4.9x 19.0x 15.3x 35.1x 28.4x

Cornerstone OnDemand 1,906 1,849 0.5% 31.5% 5.4x 4.2x NM NM NM NM

LogMeIn 1,640 1,344 24.3% 20.4% 5.1x 4.3x 20.8x 17.6x NM 36.8x

Paylocity 1,508 1,400 3.7% 39.1% 8.0x 6.2x NM NM NM NM

Cvent 1,383 1,243 10.5% 31.0% 6.7x 5.4x NM 44.8x NM NM

Mean 13.9% 29.4% 7.2x 5.7x 27.9x 22.6x 35.1x 35.6x

Median 18.2% 27.6% 7.0x 5.4x 24.3x 18.9x 35.1x 36.8x

EV / Revenue EV / EBITDA P / E

(1) COX Automotive has entered into an agreement to acquire Dealertrack Technologies

(1)

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Small Cap. SaaS

SPS Commerce 1,136 995 13.8% 24.4% 6.3x 5.3x 45.7x 35.5x NM NM

Callidus 961 850 11.5% 25.2% 5.1x 4.4x 43.9x 30.4x NM NM

Benefitfocus 881 836 (20.3%) 29.8% 4.7x 3.8x NM NM NM NM

Textura 667 597 11.1% 42.3% 6.7x 4.8x NM 25.9x NM 45.8x

JIVE 355 242 0.5% 9.0% 1.2x 1.2x NM 27.8x NM NM

SciQuest 286 149 17.6% 1.8% 1.4x 1.3x 8.1x 6.7x 38.5x 30.7x

Channel Advisors 251 194 (8.0%) 14.3% 2.0x 1.7x NM NM NM NM

Marin Software 128 81 (11.3%) 7.6% 0.8x 0.7x NM NM NM NM

Mean 5.2% 22.0% 4.5x 3.6x 30.0x 26.6x NM 37.2x

Median 11.1% 25.2% 5.1x 4.4x 27.9x 26.8x NM 36.2x

HCM/WFM

Workday 13,933 12,529 5.9% 47.5% 10.8x 7.9x NM NM NM NM

The Ultimate Software Group 5,246 5,144 23.9% 21.9% 8.3x 6.9x 34.9x 27.6x NM NM

Cornerstone OnDemand 1,906 1,909 0.5% 31.5% 5.6x 4.4x NM NM NM NM

Paylocity 1,508 1,427 3.7% 39.1% 8.2x 6.4x NM NM NM NM

Benefitfocus 881 833 (20.3%) 29.8% 4.7x 3.8x NM NM NM NM

ATOSS Software 216 192 26.1% 7.3% 3.9x 3.5x 14.8x 13.4x 25.0x 22.7x

Halogen 145 107 (9.2%) 16.8% 1.6x 1.4x NM NM NM NM

Invision Software 108 109 24.7% (16.1%) 8.0x 7.0x 32.5x 20.2x NM 24.7x

Mean 6.9% 22.2% 6.4x 5.2x 27.4x 20.4x 25.0x 23.7x

Median 4.8% 25.8% 6.8x 5.4x 32.5x 20.2x 25.0x 23.7x

Healthcare IT

McKesson 44,675 50,352 2.7% 10.8% 0.3x 0.2x 9.9x 9.0x 15.6x 13.8x

Cerner 20,949 21,014 32.1% 34.1% 4.6x 4.1x 14.5x 12.1x 28.7x 24.0x

Sysmex 11,245 10,884 26.1% 17.5% 5.3x 4.7x 20.4x 17.7x NM 35.4x

Allscripts Healthcare Solutions 2,458 3,053 17.4% 0.5% 2.2x 2.1x 12.5x 10.7x 28.4x 22.6x

CompuGroup 1,639 2,031 22.0% (2.0%) 3.3x 3.1x 15.0x 13.3x 20.6x 17.6x

Emis 987 993 30.5% 14.1% 4.1x 3.8x 13.4x 12.3x 23.0x 20.8x

Merge Healthcare 693 942 21.6% 16.6% 3.8x 3.4x 17.4x 14.9x 30.2x 25.6x

Cegedim 554 1,145 18.8% (47.1%) 2.0x 1.9x 10.5x 9.8x NM 12.2x

Computer Programs & Systems 489 452 20.8% (10.0%) 2.4x 2.3x 11.5x 9.9x 20.0x 17.8x

Sectra Aktiebolag 485 453 18.9% 3.8% 3.7x 3.3x 19.8x 16.2x 25.9x 27.7x

Castlight Health 434 269 (83.8%) 71.3% 3.6x 2.3x NM NM NM NM

Craneware 276 236 32.5% 8.0% 4.9x 4.4x 15.2x 13.9x 25.8x 23.9x

Mean 13.3% 9.8% 3.3x 3.0x 14.6x 12.7x 24.2x 21.9x

Median 21.2% 9.4% 3.6x 3.2x 14.5x 12.3x 25.8x 22.6x

Security Software

Palo Alto Networks 15,370 15,069 18.4% 53.1% 13.6x 10.1x NM 40.4x NM NM

Check Point 14,403 13,176 56.7% 9.2% 8.1x 7.5x 14.3x 13.2x 19.8x 17.7x

Symantec 13,543 11,748 32.5% (7.9%) 1.9x 1.8x 5.9x 5.3x 11.3x 10.1x

Verisign 7,866 7,841 67.0% 4.3% 7.4x 7.1x 11.1x 10.4x 22.8x 20.3x

Fortinet 7,721 6,848 16.5% 33.2% 6.8x 5.5x 41.2x 31.7x NM NM

Gemalto 5,729 6,285 17.9% 17.0% 1.8x 1.7x 9.9x 8.7x 15.6x 12.9x

FireEye 5,202 4,701 (26.3%) 50.9% 7.4x 5.3x NM NM NM NM

Trend Micro 4,778 3,748 34.1% 8.6% 3.6x 3.5x 10.6x 10.1x 25.3x 23.9x

Proofpoint 2,446 2,371 0.9% 34.2% 9.2x 7.3x NM NM NM NM

Imperva 2,156 1,911 (3.3%) 33.6% 8.8x 7.1x NM NM NM NM

Barracuda Networks 1,351 1,155 27.0% 17.4% 3.7x 3.2x 13.8x 11.2x NM NA

AVG Technologies 1,178 1,326 36.9% 17.0% 3.1x 2.7x 8.3x 7.2x 12.0x 10.1x

Qualys 1,015 856 28.6% 24.5% 5.2x 4.2x 18.1x 14.5x NM 42.9x

Vasco Data Security 714 557 23.8% 24.0% 2.3x 2.5x 9.8x 10.8x 14.6x 16.2x

F-Secure 410 325 18.7% (12.8%) 2.0x 1.9x 10.6x 9.0x 22.0x 18.9x

Intercede 80 71 (3.4%) (13.0%) 4.3x 3.3x NM NA NM NM

Mean 21.6% 18.3% 5.6x 4.7x 14.0x 14.4x 17.9x 19.2x

Median 21.2% 17.2% 4.7x 3.9x 10.6x 10.6x 17.7x 17.7x

P / EEV / Revenue EV / EBITDA

SOFTWARE

6

EUROPEAN TECHNOLOGY


PAGE |



Fintech

Intuit 24,370 23,173 31.7% (3.8%) 5.3x 4.9x 16.6x 13.3x 31.3x 24.4x

Fiserv 20,591 24,297 33.6% 4.5% 4.6x 4.4x 13.7x 12.7x 23.0x 20.4x

Fidelity Information Services 19,210 23,897 30.3% 1.3% 3.7x 3.0x 12.1x 9.8x 20.7x 17.9x

Paychex 16,869 16,333 42.2% 8.5% 5.8x 5.4x 13.6x 12.7x 25.6x 22.2x

SS&C Technologies 6,970 6,705 42.1% 36.2% 6.4x 4.7x 15.2x 11.0x 27.6x 22.9x

MSCI 6,651 6,996 42.5% 7.6% 6.5x 6.0x 15.3x 13.7x 27.9x 23.4x

Jack Henry 5,610 5,514 34.8% 3.2% 4.3x 4.0x 12.2x 11.3x 26.1x 23.8x

Guidewire 3,694 3,122 17.7% 6.1% 8.0x 7.3x 45.4x 40.2x NM NM

Temenos 2,737 3,142 35.0% 9.7% 5.9x 5.4x 16.9x 14.2x 24.7x 21.4x

Fair Isaac 2,566 3,129 24.9% 6.3% 3.7x 3.5x 14.8x 12.5x 17.6x 14.3x

SimCorp 2,117 2,092 28.5% 7.8% 6.7x 6.2x 23.5x 21.0x 33.8x 29.3x

Ellie Mae 2,063 1,973 25.7% 52.6% 8.3x 6.7x 32.1x 25.0x NM 43.3x

Paycom 2,028 2,012 21.6% 44.2% 9.5x 7.3x 43.8x 35.0x NM NM

Envestnet 1,163 1,113 18.0% 19.1% 2.7x 2.1x 14.9x 10.6x 32.8x 24.3x

Fidessa 1,052 958 17.3% 2.0% 2.2x 2.1x 12.5x 12.0x 23.6x 22.3x

Iress 1,024 1,112 30.5% (9.1%) 4.5x 4.1x 14.8x 13.0x 23.2x 19.7x

Bottomline Technologies 983 998 21.5% 5.1% 2.9x 2.6x 13.7x 11.9x 18.3x NM

Ebix 931 1,053 36.1% 25.4% 4.1x 3.9x 11.3x 10.7x 13.2x 12.8x

Q2 Holdings 890 772 (7.6%) 36.7% 7.2x 5.5x NM NM NM NM

Linedata 228 274 25.0% (0.3%) 1.4x 1.4x 5.7x 5.7x 11.2x 10.8x

StatPro 74 71 13.7% (1.8%) 1.5x 1.4x 10.9x 9.7x 27.2x 23.9x

Mean 26.9% 12.4% 5.0x 4.4x 18.0x 15.3x 24.0x 22.2x

Median 28.5% 6.3% 4.6x 4.4x 14.8x 12.6x 24.7x 22.3x

Data and Data Analytics

Nielsen 17,151 24,377 30.2% (1.8%) 3.9x 3.8x 13.0x 12.2x 17.8x 16.0x

Experian 15,403 18,752 35.0% (1.9%) 4.0x 3.9x 11.3x 11.2x 17.5x 16.7x

Verisk 12,431 15,601 47.4% 21.5% 7.4x 6.4x 15.6x 13.6x 24.7x 22.2x

Equifax 11,523 12,959 34.9% 9.4% 4.9x 4.5x 14.0x 12.7x 22.1x 19.8x

Splunk 7,350 6,495 6.1% 43.5% 10.3x 7.8x NM NM NM NM

Tableau Software 5,961 5,232 12.1% 60.3% 8.3x 6.1x NM 45.1x NM NM

Microstrategy 2,332 1,904 29.1% (9.6%) 3.5x 3.2x 12.1x 10.9x 23.2x 20.2x

Convergys 2,240 2,370 12.8% 5.0% 0.8x 0.8x 6.2x 5.7x 13.4x 12.1x

Neustar 1,481 1,857 45.4% 8.1% 1.8x 1.9x 3.9x 4.1x 6.1x 6.8x

PROS 680 636 (8.0%) (7.2%) 3.6x 3.6x NM NM NM NM

Mean 24.5% 12.7% 4.8x 4.2x 10.9x 14.4x 17.8x 16.2x

Median 29.6% 6.5% 3.9x 3.8x 12.1x 11.7x 17.8x 16.7x

CAx/PLM

Dassault Systems 18,727 17,457 33.5% 12.8% 5.5x 5.0x 16.3x 14.5x 30.2x 26.7x

Autodesk 10,625 9,721 13.2% (0.5%) 3.9x 4.3x 29.6x NM NM NM

Ansys 8,108 7,266 52.0% 2.5% 7.6x 7.0x 14.6x 13.4x 26.2x 23.7x

PTC 3,712 4,061 27.9% (9.0%) 3.3x 2.9x 11.8x 9.0x 14.7x 14.7x

Aveva 2,090 1,933 30.5% (4.3%) 6.0x 5.8x 19.7x 18.6x 29.1x 27.6x

Nemetschek 1,388 1,378 25.0% 18.0% 4.4x 4.0x 17.8x 15.6x 30.0x 26.0x

Mensch und Maschine 130 162 7.6% 2.0% 0.9x 0.9x 12.2x 9.8x 27.4x 15.5x

Mean 27.1% 3.1% 4.5x 4.3x 17.4x 13.5x 26.3x 22.4x

Median 27.9% 2.0% 4.4x 4.3x 16.3x 14.0x 28.2x 24.8x

EV / Revenue EV / EBITDA P / E

SOFTWARE

7

EUROPEAN TECHNOLOGY


(1) Schneider Electric has entered into an agreement to acquire a majority stake in Aveva

(1)

PAGE |

(20%)

(10%)

0%

10%

20%

30%

40%

50%


Data Centres IT Services Managed Services, Colocation and Hosting Offshore IT Services PaaS/IaaS

(8%)

(6%)

(4%)

(2%)

0%

2%

4%


Data Centres IT Services Managed Services, Colocation and Hosting Offshore IT Services PaaS/IaaS

IT SERVICES

8

EUROPEAN TECHNOLOGY




Offshore IT Services 0.6%

Data Centres (0.8%)

Managed Services, Colocation and Hosting (3.2%)

PaaS/IaaS (3.5%)

IT Services (4.7%)

Offshore IT Services 17.4%

IT Services 12.5%

Data Centres 11.1%

PaaS/IaaS (12.2%)

Managed Services, Colocation and Hosting (15.3%)

PAGE |

0



IT Services

Accenture 60,781 56,959 16.6% 2.4% 1.8x 1.7x 11.1x 10.4x 20.0x 18.2x

KDDI 56,792 65,495 30.2% 0.5% 1.7x 1.7x 5.8x 5.6x 13.8x 12.7x

Capgemini 15,384 13,860 11.7% 5.4% 1.0x 0.9x 8.9x 7.5x 18.4x 15.3x

NTT Group 14,140 15,921 16.4% 6.5% 1.2x 1.2x 7.5x 7.1x 37.0x 26.7x

Capita 12,171 15,035 15.2% 8.8% 2.0x 1.9x 13.4x 12.5x 17.1x 15.9x

CGI 11,046 12,424 18.3% (14.6%) 1.6x 1.6x 8.8x 8.3x 15.0x 13.6x

Fujitsu 9,779 15,696 7.2% (1.0%) 0.4x 0.4x 5.6x 5.1x 10.0x 9.1x

Computer Sciences 8,481 8,924 17.3% (11.4%) 0.8x 0.8x 4.6x 4.4x 12.8x 11.9x

NEC 8,067 10,745 7.4% (1.7%) 0.4x 0.4x 5.9x 5.8x 19.2x 11.9x

Atos Origin 7,943 7,792 11.2% 11.2% 0.6x 0.6x 5.7x 5.3x 12.3x 10.9x

Sopra 2,224 2,916 7.8% 46.1% 0.7x 0.7x 9.3x 7.9x 15.7x 12.8x

Bechtle 1,853 1,787 5.3% 2.5% 0.6x 0.5x 10.6x 9.6x 18.7x 16.6x

Tieto 1,831 1,848 13.6% (11.4%) 1.1x 1.1x 8.3x 7.6x 19.0x 14.6x

Indra Sistemas 1,701 2,544 5.3% (7.8%) 0.8x 0.8x 14.8x 8.9x NM 15.9x

GFI Informatique 357 403 7.5% 0.8% 0.4x 0.4x 5.5x 5.2x 11.7x 11.1x

Mean 12.7% 2.4% 1.0x 1.0x 8.4x 7.4x 17.2x 14.5x

Median 11.7% 0.8% 0.8x 0.8x 8.3x 7.5x 16.4x 13.6x

Offshore IT Services

Tata 76,182 72,871 28.3% 15.5% 4.6x 4.1x 16.3x 14.7x 22.8x 20.2x

Infosys 39,292 34,940 26.7% 5.2% 4.0x 3.5x 14.9x 13.0x 21.0x 19.4x

Cognizant 37,358 34,854 20.2% 21.8% 2.8x 2.5x 13.9x 12.1x 20.3x 17.7x

Wipro 22,309 19,388 22.4% 2.3% 2.6x 2.3x 11.5x 10.8x 16.4x 15.6x

HCL 20,241 18,735 22.2% 10.7% 3.1x 2.7x 14.0x 11.9x NA 17.2x

Mean 24.0% 11.1% 3.4x 3.0x 14.1x 12.5x 20.1x 18.0x

Median 22.4% 10.7% 3.1x 2.7x 14.0x 12.1x 20.6x 17.7x

Managed Services, Colocation and Hosting

Level 3 15,489 25,958 31.7% 21.6% 3.1x 2.9x 9.9x 9.0x 27.2x 18.9x

United Internet 10,357 12,105 20.9% 13.3% 2.9x 2.7x 13.9x 12.3x 25.1x 20.3x

Rackspace 3,891 3,749 33.1% 10.9% 1.9x 1.7x 5.7x 5.0x 33.3x 27.2x

Interxion 1,873 2,413 43.8% 4.0% 5.6x 5.0x 12.7x 11.2x NM 35.2x

Endurance 1,705 2,742 36.2% 19.7% 3.7x 3.2x 10.1x 8.5x 10.1x 8.2x

GoDaddy 1,672 2,697 20.4% 15.5% 1.7x 1.5x 8.3x 6.8x 21.7x 18.1x

Windstream 723 11,545 31.2% (2.8%) 2.0x 2.1x 6.5x 7.1x NM NM

iomart 420 443 43.4% 13.1% 4.0x 3.6x 9.1x 8.3x 18.4x 15.9x

Redcentric 397 408 23.1% 22.1% 2.5x 2.3x 10.9x 9.8x 20.9x 17.4x

Internap 366 723 24.8% (3.3%) 2.2x 2.1x 9.0x 7.7x NM NM

Proact 119 126 NA 7.9% 0.4x 0.4x NA NA 11.9x 10.1x

Melbourne IT 118 128 12.6% 2.0% 1.2x 1.1x 9.5x 6.4x 18.5x 12.5x

Mean 29.2% 10.3% 2.6x 2.4x 9.6x 8.4x 20.8x 18.4x

Median 31.2% 12.0% 2.4x 2.2x 9.5x 8.3x 20.9x 17.7x

Data Centres

Equinix 15,908 20,282 46.8% 10.6% 7.5x 6.7x 16.1x 14.2x NM 28.3x

Digital Realty Trust 8,691 14,691 57.8% 4.1% 8.7x 7.9x 15.1x 13.6x 38.7x 45.7x

Telecity 3,399 3,868 46.6% 0.5% 7.1x 6.5x 15.2x 13.6x 28.7x 24.7x

DuPont Fabros 1,675 3,587 63.1% 5.9% 8.1x 7.6x 12.9x 11.9x 23.6x 20.3x

Coresite 1,340 2,068 50.9% 18.6% 6.4x 5.6x 12.7x 10.8x NM 40.1x

Mean 53.0% 7.9% 7.6x 6.9x 14.4x 12.8x 30.4x 31.8x

Median 50.9% 5.9% 7.5x 6.7x 15.1x 13.6x 28.7x 28.3x

PaaS/IaaS

EMC 45,770 46,933 25.9% 3.2% 1.9x 1.8x 7.2x 6.6x 12.7x 11.4x

Akamai 12,600 12,571 40.3% 13.3% 5.7x 4.9x 14.1x 12.2x 29.3x 24.8x

ServiceNow 11,373 11,110 14.2% 47.1% 11.1x 8.2x NM NM NM NM

Netapp 8,720 5,258 18.2% (7.9%) 0.9x 0.9x 5.0x 4.0x 13.4x 10.8x

Commvault Systems 1,572 1,161 11.6% (5.8%) 2.0x 1.9x 17.3x 12.0x NM 33.7x

Synchronoss 1,515 1,517 34.7% 27.1% 2.6x 2.2x 7.6x 6.3x 15.4x 13.2x

Progress Software 1,309 1,256 31.1% 27.1% 3.0x 2.8x 9.6x 9.2x 17.8x 16.5x

Carbonite 312 247 18.7% 12.6% 1.8x 1.6x 9.6x 7.9x NM NM

Mean 24.3% 14.6% 3.6x 3.0x 10.0x 8.3x 17.7x 18.4x

Median 22.3% 12.9% 2.3x 2.1x 9.6x 7.9x 15.4x 14.9x

EV / Revenue P / EEV / EBITDA

IT SERVICES

9

EUROPEAN TECHNOLOGY


(1) Equinix has entered into an agreement to acquire Telecity

(1)

(1)

PAGE |

(70%)

(60%)

(50%)

(40%)

(30%)

(20%)

(10%)

0%

10%

20%

Sep 2014 Dec 2014 Mar 2015 Jun 2015

Digital Broadband Diversified Communication Equipment Mobile Content / Solutions Providers Mobile Infrastructure Software

COMMUNICATIONS

10

EUROPEAN TECHNOLOGY




Digital Broadband 4.7%

Diversified Communication Equipment (18.2%)

Mobile Infrastructure Software (23.8%)

Mobile Content / Solutions Providers (56.9%)

(20%)

(15%)

(10%)

(5%)

0%

5%

10%


Digital Broadband Diversified Communication Equipment Mobile Content / Solutions Providers Mobile Infrastructure Software

Diversified Communication Equipment 0.8%

Digital Broadband (2.8%)

Mobile Content / Solutions Providers (4.9%)

Mobile Infrastructure Software (5.1%)

PAGE |



Digital Broadband

TomTom 2,375 2,290 12.5% (2.0%) 2.0x 1.9x 16.3x 12.2x NM 26.3x

Technicolor 2,335 2,973 16.4% (1.9%) 0.8x 0.6x 4.6x 4.5x 9.1x 10.5x

Logitech 2,134 1,661 8.4% (2.5%) 0.8x 0.8x 9.5x 8.7x 30.5x 16.6x

Pace 1,735 1,737 11.1% (5.9%) 0.7x 0.6x 6.3x 6.1x 9.0x 8.6x

Kudelski 721 984 13.6% 4.6% 1.0x 1.0x 7.6x 7.7x 15.4x 14.0x

Parrot 569 497 5.8% 11.3% 1.5x 1.4x 26.1x 15.0x NM 46.7x

Extreme Networks 331 322 5.9% (8.4%) 0.6x 0.6x 10.3x 5.2x 30.6x 17.7x

Mean 10.5% (0.7%) 1.1x 1.0x 11.5x 8.5x 18.9x 20.0x

Median 11.1% (2.0%) 0.8x 0.8x 9.5x 7.7x 15.4x 16.6x

Diversified Communication Equipment

LM Ericsson Telephone 31,187 27,989 12.8% 0.4% 0.9x 0.9x 7.4x 6.3x 15.4x 12.7x

Alcatel-Lucent 9,963 10,834 11.3% (0.3%) 0.7x 0.7x 6.0x 5.4x 17.6x 12.5x

CIENA 2,788 3,235 13.8% 10.2% 1.3x 1.1x 9.2x 7.7x 14.9x 12.2x

ADTRAN 735 622 5.7% (1.9%) 1.0x 1.0x 17.6x 10.2x 28.4x 17.7x

Mean 10.9% 2.1% 1.0x 0.9x 10.1x 7.4x 19.1x 13.8x

Median 12.0% 0.1% 1.0x 1.0x 8.3x 7.0x 16.5x 12.6x

Mobile Infrastructure Software

QUALCOMM 83,619 73,195 36.9% (11.6%) 3.1x 3.1x 8.4x 7.8x 12.2x 10.7x

Amdocs 8,815 7,413 20.3% 2.5% 2.0x 1.9x 9.9x 9.2x 17.0x 15.6x

VeriSign 7,866 7,841 67.0% 4.3% 7.4x 7.1x 11.1x 10.4x 22.8x 20.3x

Synchronoss Technologies 1,515 1,517 34.7% 27.1% 2.6x 2.2x 7.6x 6.3x 15.4x 13.2x

Redknee Solutions 307 269 15.0% (15.3%) 1.2x 1.0x 8.1x 4.8x 30.2x 11.3x

Sonus Networks 295 196 5.3% (16.8%) 0.8x 0.7x 15.0x 4.5x NM 17.2x

TeleCommunication Systems 205 296 10.0% 6.5% 0.8x 0.7x 7.7x 6.7x 13.2x 10.4x

Smith Micro Software 42 31 2.4% 18.1% 0.7x 0.6x 29.3x 11.7x NM 19.5x

Mean 23.9% 1.8% 2.3x 2.2x 12.1x 7.7x 18.5x 14.8x

Median 17.7% 3.4% 1.6x 1.4x 9.1x 7.2x 16.2x 14.4x

Mobile Content / Solutions Providers

Opera Software 799 892 17.2% 19.2% 1.5x 1.2x 8.6x 6.3x 21.2x 13.0x

GameLoft 320 273 10.6% 8.4% 0.9x 0.8x 8.6x 5.4x NM 16.3x

Mean 13.9% 13.8% 1.2x 1.0x 8.6x 5.9x 21.2x 14.7x

Median 13.9% 13.8% 1.2x 1.0x 8.6x 5.9x 21.2x 14.7x

EV / EBITDA P / EEV / Revenue

COMMUNICATIONS

11

EUROPEAN TECHNOLOGY


PAGE |

(40%)

(20%)

0%

20%

40%

60%

80%


Chinese Internet Leaders Content Providers / Communities Digital Marketing eCommerce

Global Internet Leaders Interactive Entertainment Intermediation and Comparison Online Classifieds

Online Travel Online Gambling Internet Services Educational Technology


12

EUROPEAN TECHNOLOGY




(20%)

(15%)

(10%)

(5%)

0%

5%

10%

15%

20%


Chinese Internet Leaders Content Providers / Communities Digital Marketing Ecommerce

Global Internet Leaders Interactive Entertainment Intermediation and Comparison Online Travel

Online Classifieds Online Gambling Internet Services Educational Technology

Online Gambling 11.1%

Chinese Internet Leaders 7.8%

Intermediation and Comparison 5.7%

Online Travel 3.4%

Internet Services 3.0%

Content Providers / Communities 1.5%

Digital Marketing 0.6%

Global Internet Leaders 0.5%

Online Classifieds (1.1%)

Interactive Entertainment (1.4%)

Ecommerce (1.9%)

Educational Technology (3.1%)

Interactive Entertainment 63.2%

Online Gambling 47.5%

Online Travel 6.5%

Educational Technology 3.3%

Global Internet Leaders 0.3%

Ecommerce (0.7%)

Chinese Internet Leaders (5.9%)

Digital Marketing (6.7%)

Intermediation and Comparison (20.1%)

Online Classifieds (21.1%)

Content Providers / Communities (30.9%)

Internet Services (31.5%)

(1)

(1)

(1) Education Technology index has been normalised to reflect Graham Holdings’ spin-off of its cable segment

PAGE |



Global Internet Leaders

Apple 654,159 673,714 34.6% 21.8% 2.9x 2.7x 8.3x 8.1x 12.4x 11.5x

Google 429,153 369,355 40.3% 11.3% 5.0x 4.3x 12.4x 10.6x 22.2x 19.0x

Microsoft 351,431 290,376 27.1% (4.8%) 3.3x 3.1x 12.1x 8.1x 17.5x 15.7x

Facebook 261,384 247,408 61.5% 38.8% 14.4x 10.6x 23.4x 17.4x NM 33.9x

Amazon 245,197 249,149 9.5% 18.6% 2.4x 2.0x 24.7x 18.0x NM NM

Alibaba 148,836 138,526 51.4% 23.5% 9.6x 7.5x 18.7x 15.0x 24.3x 19.5x

Baidu 47,162 41,469 22.6% 34.9% 3.9x 2.9x 17.2x 13.2x 22.4x 17.4x

eBay 30,858 27,926 40.1% (51.9%) 3.2x 3.1x 8.1x 7.7x 14.3x 13.3x

Yahoo! 27,423 22,870 23.9% (4.7%) 5.5x 5.5x 22.8x 22.9x NM 41.1x

Yandex 3,406 3,243 34.1% 6.1% 3.7x 3.1x 10.8x 8.6x 24.7x 19.6x

Mean 34.5% 9.4% 5.4x 4.5x 15.8x 12.9x 19.7x 21.2x

Median 34.4% 14.9% 3.8x 3.1x 14.8x 11.9x 22.2x 19.0x

Ecommerce

Amazon 245,197 249,149 9.5% 18.6% 2.4x 2.0x 24.7x 18.0x NM NM

Alibaba 148,836 138,526 51.4% 23.5% 9.6x 7.5x 18.7x 15.0x 24.3x 19.5x

Naspers 50,613 53,367 9.3% (3.6%) 8.8x 7.6x NM NM NM 29.7x

Netflix 43,555 43,158 7.5% 23.8% 6.3x 5.0x NM NM NM NM

JD.com 35,886 32,261 0.3% 53.1% 1.2x 0.8x NM NM NM NM

eBay 30,858 27,926 40.1% (51.9%) 3.2x 3.1x 8.1x 7.7x 14.3x 13.3x

IAC 5,935 6,153 14.8% 4.6% 1.9x 1.8x 12.9x 9.4x 21.5x 16.3x

JUST EAT 4,072 3,833 23.3% 49.9% 10.8x 8.2x 46.2x 29.0x NM 43.7x

Mercadolibre 4,058 4,008 29.5% 17.4% 6.3x 5.3x 21.2x 17.7x 40.0x 27.9x

Mail.ru 3,663 3,913 47.2% 11.5% 6.6x 5.8x 14.0x 11.9x 21.6x 17.9x

Asos 3,368 3,269 5.9% 15.5% 1.8x 1.5x 30.0x 23.6x NM 45.5x

Ocado 2,859 3,018 7.4% 13.2% 1.8x 1.5x 24.3x 20.3x NM NM

Cimpress 2,409 3,010 14.4% 14.6% 1.9x 1.7x 13.1x 11.2x 21.2x 21.1x

Groupon 2,349 1,273 9.1% 0.1% 0.4x 0.4x 4.4x 3.7x 26.3x 19.0x

zulily 2,187 1,873 4.8% 11.1% 1.4x 1.2x 28.9x 20.6x NM 48.6x

GrubHub 2,106 1,799 30.5% 45.1% 4.9x 3.8x 16.2x 12.2x 38.8x 29.9x

YOOX 1,892 1,914 9.5% 11.3% 2.7x 2.3x 28.4x 21.8x NM NM

Shutterfly 1,320 1,506 18.2% 15.5% 1.4x 1.3x 7.8x 6.6x NM NM

Shutterstock 1,089 823 19.6% 29.7% 1.9x 1.6x 9.9x 8.0x 25.7x 20.2x

Coupons.com 733 530 13.1% 15.8% 2.0x 1.7x 15.5x 8.9x NM 28.2x

RetailMeNot 447 244 25.5% (10.2%) 1.0x 1.0x 4.1x 3.9x 13.8x 13.7x

Overstock 434 330 2.6% 16.5% 0.2x 0.2x 7.5x 6.2x 29.3x 19.6x

Blue Nile 388 348 4.8% 3.3% 0.7x 0.7x 14.8x 13.4x 37.4x 32.2x

Mean 17.3% 14.3% 3.4x 2.9x 17.5x 13.5x 26.2x 26.2x

Median 13.1% 15.5% 1.9x 1.7x 15.1x 12.0x 25.0x 21.1x

Online Travel

The Priceline Group 63,517 65,729 39.6% 10.1% 7.1x 6.0x 18.0x 14.9x 22.0x 18.1x

Amadeus 18,552 20,437 37.7% 3.6% 4.8x 4.5x 12.7x 11.8x 21.9x 20.7x

Expedia 17,039 16,750 18.2% 14.4% 2.5x 2.0x 13.9x 10.5x 27.9x 19.4x

Tripadvisor 10,039 9,616 31.7% 23.9% 6.2x 5.1x 19.7x 15.4x 31.3x 24.7x

Ctrip 9,305 10,070 8.4% 45.0% 5.9x 4.3x NM 31.6x NM 34.6x

Sabre Corporation 7,648 10,274 31.7% 6.1% 3.5x 3.1x 10.9x 9.5x 25.6x 20.5x

Travelport 1,648 4,001 24.0% 2.8% 1.8x 1.7x 7.5x 6.9x NM 24.8x

MakeMyTrip 563 435 6.4% (4.1%) 2.8x 2.3x 44.1x 19.6x NM NM

Travelzoo 122 66 5.2% (9.1%) 0.5x 0.5x 9.7x 8.6x NM 31.3x

Mean 22.5% 10.3% 3.9x 3.3x 17.1x 14.3x 25.7x 24.3x

Median 24.0% 6.1% 3.5x 3.1x 13.3x 11.8x 25.6x 22.7x

P / EEV / EBITDAEV / Revenue


13

EUROPEAN TECHNOLOGY


(1) Zulily has entered into an agreement to be acquired by Liberty Interactive

(1)

PAGE |


14

EUROPEAN TECHNOLOGY




Digital Marketing

HomeAway 2,580 2,010 24.3% 12.1% 4.0x 3.5x 16.5x 13.5x NM NM

Criteo 2,477 2,173 25.4% 47.8% 4.1x 3.1x 16.0x 11.2x 32.6x 22.9x

Cvent 1,383 1,220 10.5% 31.0% 6.6x 5.3x NM 44.0x NM NM

Marketo 1,258 1,154 (10.3%) 41.6% 5.5x 4.1x NM NM NM NM

Callidus Software 961 870 11.5% 25.3% 5.2x 4.4x 44.9x 31.2x NM NM

Constant Contact 794 613 19.9% 12.2% 1.6x 1.4x 8.3x 6.6x 18.8x 14.5x

The Rubicon Project 620 521 15.1% 101.5% 2.1x 1.6x 14.0x 10.1x 30.7x 28.1x

Bazaarvoice 377 331 (2.5%) 7.8% 1.7x 1.5x NM 46.2x NM NM

TechTarget 286 265 22.9% 13.2% 2.2x 2.0x 9.8x 7.9x 22.6x 17.6x

Harte-Hanks 220 262 9.5% (11.1%) 0.5x 0.5x 5.6x 4.7x 11.5x 10.5x

Marchex 173 69 9.5% (18.8%) 0.5x 0.5x 4.9x 5.5x 24.2x 30.2x

Dotdigital 161 147 27.5% 27.1% 4.0x 2.9x 14.4x 8.1x 24.0x 14.3x

Matomy Media 153 168 9.7% 12.7% 0.6x 0.5x 6.5x 4.7x 9.0x 6.6x

InternetQ 135 136 17.1% 18.0% 0.7x 0.6x 4.2x 3.5x 9.9x 7.6x

1000mercis 132 126 23.3% 4.8% 2.1x 1.9x 9.0x 6.9x 15.9x 12.0x

Marin Software 128 89 (11.3%) 7.6% 0.8x 0.7x NM NM NM NM

Mean 12.6% 20.8% 2.6x 2.2x 12.8x 14.6x 19.9x 16.4x

Median 13.3% 12.9% 2.1x 1.7x 9.4x 8.0x 20.7x 14.4x

Content Providers / Communities

LinkedIn 25,275 23,372 22.8% 34.7% 7.9x 6.0x 34.8x 23.4x NM NM

Twitter 17,104 15,140 24.1% 61.9% 6.8x 4.7x 28.1x 17.1x NM 41.3x

Pandora Media 4,428 4,056 6.9% 28.7% 3.4x 2.8x 49.7x 24.6x NM 48.0x

GoPro 4,293 3,776 20.3% 44.0% 2.0x 1.6x 9.7x 8.0x 18.2x 15.5x

JustEat 4,072 3,833 23.3% 49.9% 10.8x 8.2x 46.2x 29.0x NM 43.7x

WebMD Health 1,430 1,625 29.7% 8.7% 2.6x 2.4x 8.7x 7.7x 25.0x 22.9x

XING 1,131 1,050 30.7% 14.6% 7.7x 6.5x 24.9x 19.5x NM 39.3x

XO Group 368 282 18.1% (1.6%) 2.0x 1.9x 11.3x 9.1x NM 32.2x

Brightcove 164 144 4.2% 7.1% 1.1x 1.0x 25.8x 15.9x NM NM

Demand Media 84 42 (4.5%) (21.7%) 0.3x 0.3x NM NM NM NM

Mean 17.6% 22.6% 4.5x 3.5x 26.6x 17.1x 21.6x 34.7x

Median 21.5% 21.6% 3.0x 2.6x 25.8x 17.1x 21.6x 39.3x

Intermediation and Comparison

Zillow 4,968 4,573 12.9% 105.6% 6.9x 5.4x NM 26.2x NM NM

Moneysupermarket 2,780 2,745 39.8% 9.7% 6.5x 6.1x 16.3x 15.4x 24.0x 22.7x

Bankrate 1,037 1,197 27.8% (3.0%) 2.3x 2.2x 8.1x 7.8x 15.2x 14.4x

Gruppo MutuiOnline 345 377 17.3% 61.9% 3.0x 2.8x 17.1x 14.6x 17.0x 16.4x

Angie's List 292 281 8.2% 12.0% 0.8x 0.7x 9.8x 6.7x 33.1x 16.7x

eHealth 245 193 4.5% 1.0% 1.1x 1.0x 23.9x 13.6x 34.6x 33.0x

Liquidity Services 226 130 7.7% (21.5%) 0.3x 0.3x 4.5x 5.2x 18.7x 22.0x

Mean 16.9% 23.7% 3.0x 2.6x 13.3x 12.8x 23.8x 20.9x

Median 12.9% 9.7% 2.3x 2.2x 13.1x 13.6x 21.4x 19.4x

Online Classifieds

Rightmove 5,544 5,526 74.4% 14.2% 19.1x 17.2x 25.7x 23.1x 33.2x 29.2x

SEEK 2,906 3,750 39.4% (1.2%) 5.8x 5.1x 14.6x 13.1x 21.9x 19.4x

SouFun 2,327 2,375 10.1% 26.0% 2.7x 2.1x 27.0x 15.6x 37.6x 17.8x

Yelp 1,668 1,300 13.8% 45.1% 2.4x 1.9x 17.3x 11.2x NM 33.6x

51job 1,565 996 32.4% 7.0% 3.0x 2.6x 9.4x 7.3x 15.7x 13.5x

Zoopla 1,340 1,281 42.2% 36.1% 7.0x 4.8x 16.6x 12.0x 25.7x 18.2x

Monster 589 737 16.5% (5.9%) 1.0x 1.0x 6.1x 4.8x 15.1x 9.8x

Dice 402 473 29.3% (4.8%) 1.9x 1.8x 6.5x 6.2x 17.8x 15.2x

Mean 32.2% 14.6% 5.4x 4.5x 15.4x 11.7x 23.9x 19.6x

Median 30.8% 10.6% 2.9x 2.3x 15.6x 11.6x 21.9x 18.0x


PAGE |



Internet Services

LendingClub 4,975 NM 12.8% 91.5% NA NA NA NA NM NM

HomeAway 2,580 2,010 24.3% 12.1% 4.0x 3.5x 16.5x 13.5x NM NM

Web.com 1,087 1,537 27.5% (1.8%) 2.8x 2.6x 10.0x 9.2x 8.9x 7.9x

Xoom 979 792 10.5% 21.4% 4.1x 3.4x 39.5x 23.1x NM 41.4x

LifeLock 823 497 12.3% 21.9% 0.9x 0.7x 7.0x 5.1x 14.4x 11.6x

Wix.com 720 628 5.8% 44.6% 3.1x 2.3x NM 18.7x NM NM

Mean 15.5% 31.6% 3.0x 2.5x 18.3x 13.9x 11.6x 20.3x

Median 12.6% 21.7% 3.1x 2.6x 13.3x 13.5x 11.6x 11.6x

Educational Technology

Graham 3,372 2,941 12.1% (23.4%) 1.1x 1.1x 8.9x 8.1x 22.6x 18.0x

2U 1,580 1,491 (5.9%) 35.1% 10.1x 7.8x NM NM NM NM

Chegg 651 589 1.1% 0.2% 1.9x 2.1x NM 21.3x NM 32.0x

K12 504 348 10.3% (2.0%) 0.4x 0.4x 3.7x 3.5x 21.7x 28.6x

Cambium Learning Group 218 343 NA NA NA NA NA NA NA NA

Rosetta Stone 145 118 (9.2%) (16.8%) 0.5x 0.5x NM 16.1x NM NM

Mean 1.7% (1.4%) 2.8x 2.4x 6.3x 12.3x 22.2x 26.2x

Median 1.1% (2.0%) 1.1x 1.1x 6.3x 12.1x 22.2x 28.6x

Chinese Internet Leaders

Tencent 157,289 154,876 44.5% 22.1% 10.0x 7.7x 22.5x 18.0x 31.7x 24.0x

Baidu 47,162 41,469 22.6% 34.9% 3.9x 2.9x 17.2x 13.2x 22.4x 17.4x

Netease 14,787 11,464 33.1% 63.2% 3.8x 3.1x 11.4x 9.3x 14.9x 12.6x

58.com 5,738 5,279 (55.5%) 159.8% 7.8x 4.7x NM NM NM NM

Autohome 3,238 2,720 39.4% 64.7% 5.0x 3.7x 12.7x 9.8x 19.8x 15.5x

Youku Tudou 3,128 2,230 (15.4%) 53.6% 2.3x 1.6x NM NM NM NM

Weibo Corporation 2,364 2,035 13.6% 43.0% 4.3x 3.2x 31.4x 15.0x NM 21.0x

SouFun 2,327 2,375 10.1% 26.0% 2.7x 2.1x 27.0x 15.6x 37.6x 17.8x

Sina 2,199 1,376 7.0% 13.7% 1.6x 1.4x 22.8x 9.5x NM 24.4x

Sohu 1,604 1,341 9.7% 18.1% 0.7x 0.6x 7.0x 4.0x NM NM

Renren 1,034 790 (110.1%) (22.4%) 11.2x 5.4x NM NM NM NM

Dangdang 479 204 (0.6%) 21.2% 0.1x 0.1x NM 3.5x NM 12.1x

Mean (0.1%) 41.5% 4.4x 3.0x 19.0x 10.9x 25.3x 18.1x

Median 9.9% 30.4% 3.8x 3.0x 19.9x 9.8x 22.4x 17.6x

Online Gambling

Betfair 4,558 4,398 23.2% 14.3% 5.6x 5.1x 24.3x 21.9x NM 34.9x

Playtech 4,161 3,604 40.3% 37.3% 4.8x 3.6x 12.0x 9.0x 16.9x 13.3x

bwin.party digital entertainment 1,335 1,170 16.5% (4.3%) 1.8x 1.7x 10.6x 11.0x 22.8x 24.2x

888 916 779 16.7% (3.5%) 1.8x 1.7x 10.6x 9.8x 20.1x 18.5x

Mean 24.2% 11.0% 3.5x 3.0x 14.4x 12.9x 19.9x 22.7x

Median 19.9% 5.4% 3.3x 2.6x 11.3x 10.4x 20.1x 21.3x

Interactive Entertainment

Activision 23,372 22,928 34.3% (3.8%) 4.9x 4.6x 14.3x 12.5x 24.0x 20.6x

Electronic Arts 21,663 19,417 30.0% 5.6% 4.4x 4.2x 14.6x 13.0x 25.6x 21.5x

Take-Two Interactive Software 2,567 1,858 14.9% 18.6% 1.2x 1.1x 8.0x 6.5x 21.6x 20.3x

Ubisoft Entertainment 2,289 2,067 57.4% (26.4%) 1.6x 1.0x 2.7x 2.4x 16.3x 14.0x

Zynga 2,163 1,104 1.8% 9.9% 1.5x 1.4x NM 11.9x NM NM

Mean 27.7% 0.8% 2.7x 2.5x 9.9x 9.3x 21.9x 19.1x

Median 30.0% 5.6% 1.6x 1.4x 11.2x 11.9x 22.8x 20.5x



15

EUROPEAN TECHNOLOGY


(1)

(1) Xoom has entered into an agreement to be acquired by Paypal

(2) bwin.party digital entertainment is in takeover talks to be acquired by GCV Holding

(2)

Energy, Power& Infrastructure

IndustrialsHealthcare & Life Sciences

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Services

Business Services

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Specialty Distribution

Consumer

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Capital IQ as of 28th September 2015, broker reports and various industry news outlets

17

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EUROPEAN TECHNOLOGY


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