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Tech M&A Update June 2016 | 1 June 2016 TECH M&A UPDATE SEEING THROUGH THE FOG OF WAR (FOR TALENT) These days we are surrounded by too much war all over the world. War is serious. War is hell. So, while we appreciate that the Human Capital Management (HCM) market for software and services remains very active, in part due to the so-called “War for Talent,” we wish the industry would come up with a different catch phrase that didn’t include “war.” The HCM sector is an area we follow closely and where we remain engaged with plenty of deal activity. This talent market driver (“war”) has been a key theme for many years. Broadly defined, the HCM sector includes a wide variety of solutions and service offerings geared toward managing all aspects of most organizations’ largest resource and biggest cost base – its people. It is a tremendously large market. The HCM software applications and payroll market alone, for example, was estimated by IDC to be over $12 billion in 2015. That doesn’t include other HCM areas, such as corporate learning and development services, and other HR consulting and outsourcing services. Altogether, the total market size for HCM has been estimated at $131 billion (Starr Conspiracy). Given the scale of this market, a “War for Talent” attracts a lot of attention from industry participants and investors, all of whom are looking for ways to exploit this trend and help corporations attract new talent, find the best ways to hire new employees, and then to most efficiently onboard, motivate, engage, train, retain, compensate, and otherwise manage them, all in the interest of improving the operating performance of the organizations. JEGI is deeply committed to the HCM market, and as part of our commitment, each year we bring together a group of senior executives from emerging and existing HCM leaders across a variety of sub-sectors to exchange ideas and foster new relationships. This year, we held a dinner at the 21 Club in New York City in mid-May that convened a highly engaged group of senior executive attendees across HCM, led by our moderator, Kevin Oakes (CEO of i4cp). Kevin kicked off the event by asking about an area that seems ready to explode – leveraging human capital analytics to help win this “war” for talent. For over a decade, enterprises have been focused on purchasing and implementing a variety of software systems and then hiring consultants to help automate key HR processes. Are these enterprises now ready to proactively make better decisions in utilizing human capital to drive results? In our war analogy, real-life military leaders talk about the “fog of war” and how in the heat of battle there is too much information to process in real-time to be able to make the best decisions. Is the HCM industry ready to make the investments necessary to cut through the “fog of war” to find the best talent and get the most out of it by using the information HCM systems generate to create manageable results? In this sector, finding the Holy Grail is all about using analytics to help predict important aspects of HCM, such as: where does an organization find the best candidates? Will a particular candidate be successful? What is the optimal career path for that candidate/employee? What will the organization’s workforce needs be in certain locations/functional areas/times of the year? These are just a few of the many applications of predictive analytics that can be applied to an organization’s Author: Jeff Becker, Managing Director & Co-Head of Technology Banking [email protected] +1 212 754 0710 Broadly defined, the HCM sector includes a wide variety of solutions and service offerings geared toward managing all aspects of most organizations’ largest resource and biggest cost base its people. (from left) Jeff Becker (JEGI), Joseph Sanborn (JEGI), Jim Singer (AT Kearney), Wilma Jordan (JEGI) and Kevin Oakes (i4cp) JEGI HCM Emerging Company Dinner

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Page 1: June 2016 TECH M&A UPDATE - JEGI · 2016-06-21 · TECH M&A UPDATE JUNE 2016 Tech M&A Update June 2016 | 3 one factor causing attrition is usually the quality of management (which

Tech M&A Update June 2016 | 1

June 2016

TECH M&A UPDATE

SEEING THROUGH THE FOG OF WAR (FOR TALENT)

These days we are surrounded by too much war all over the world. War is serious. War is hell. So, while we appreciate that the Human Capital Management (HCM) market for software and services remains very active, in part due to the so-called “War for Talent,” we wish the industry would come up with a different catch phrase that didn’t include “war.” The HCM sector is an area we follow closely and where we remain engaged with plenty of deal activity. This talent market driver (“war”) has been a key theme for many years.

Broadly defined, the HCM sector includes a wide variety of solutions and service offerings geared toward managing all aspects of most organizations’ largest resource and biggest cost base – its people. It is a tremendously large market. The HCM software applications and payroll market alone, for example, was estimated by IDC to be over $12 billion in 2015. That doesn’t include other HCM areas, such as corporate learning and development services, and other HR consulting and outsourcing services. Altogether, the total market size for HCM has been estimated at $131 billion (Starr Conspiracy). Given the scale of this market, a “War for Talent” attracts a lot of attention from industry participants and investors, all of whom are looking for ways to exploit this trend and help corporations attract new talent, find the best ways to hire new employees, and then to most efficiently onboard, motivate, engage, train, retain, compensate, and otherwise manage them, all in the interest of improving the operating performance of the organizations.

JEGI is deeply committed to the HCM market, and as part of our commitment, each year we bring together a group of senior executives from emerging and existing HCM leaders across a variety of sub-sectors to exchange ideas and foster new relationships. This year, we held a dinner at the 21 Club in New York City in mid-May that convened a highly engaged group of senior executive attendees across HCM, led by our moderator, Kevin Oakes (CEO of i4cp). Kevin kicked off the event by asking about an area that seems ready to explode – leveraging human capital analytics to help win this “war” for talent.

For over a decade, enterprises have been focused on purchasing and implementing a variety of software systems and then hiring consultants to help automate key HR processes. Are these enterprises now ready to proactively make better decisions in utilizing human capital to drive results? In our war analogy, real-life military leaders talk about the “fog of war” and how in the heat of battle there is too much information to process in real-time to be able to make the best decisions. Is the HCM industry ready to make the investments necessary to cut through the “fog of war” to find the best talent and get the most out of it by using the information HCM systems generate to create manageable results?

In this sector, finding the Holy Grail is all about using analytics to help predict important aspects of HCM, such as: where does an organization find the best candidates? Will a particular candidate be successful? What is the optimal career path for that candidate/employee? What will the organization’s workforce needs be in certain locations/functional areas/times of the year? These are just a few of the many applications of predictive analytics that can be applied to an organization’s

Author: Jeff Becker, Managing Director & Co-Head of Technology Banking [email protected] +1 212 754 0710

Broadly defined, the HCM sector includes a wide variety of solutions and service offerings geared toward managing all aspects of most organizations’ largest resource and biggest cost base – its people.

(from left) Jeff Becker (JEGI), Joseph Sanborn (JEGI), Jim Singer (AT Kearney), Wilma Jordan (JEGI) and Kevin Oakes (i4cp)

JEGI HCM Emerging Company Dinner

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talent pool. We are still in the early days for human capital analytics and a huge greenfield opportunity, but some of our dinner attendees have already become first movers in this market by making acquisitions, such as Cornerstone OnDemand (Evolv) and CEB (TalentNeuron and Wanted Analytics).

Early into the dinner, a debate began about human capital analytics, and whether it should be considered a platform unto itself or if it will instead be incorporated natively into every application. One board member of two HCM companies (from Catalyst Investors) predicted that analytics would be embedded into HCM suites, and that it would be more naturally adopted when all the applications are tied together in these suites. Another point he made, which I believe everyone agreed with, was that this space would truly blossom when analytics become simple to use without the need of a guru.

My personal view is that there will be two main stages for human capital analytics that will mirror the evolution of enterprise analytics in decades past. As with enterprise analytics, enterprise resource planning (ERP) and other core software suites had to proliferate, and their usage mature throughout enterprises, before BI and analytics pure-play leaders like Cognos, Business Objects, and Hyperion really started to grow – and eventually were acquired by suite vendors, such as SAP and Oracle. The HR market is currently early in this first stage, where analytics specialists are focused on solving specific problems. One of our dinner attendees, from ADP, suggested that HR analytics solutions could be in killer apps, such as predicting employee retention or reducing costs of employee benefits, and CEB said that using analytics to help source talent and manage workforces on a global scale are current opportunities. Eventually, our belief is that the broader pure-play leaders in human capital analytics will be acquired by larger HCM suite companies once their market shows clear signs of maturing. That is probably still several years away; in the interim, some larger but focused HCM software and service providers may acquire a few niche analytics companies along the way.

While most attendees agreed that there is a real market for human capital analytics, there was disagreement over customer readiness for it, and the maturity of the market. Greenhouse Software’s CEO weighed in first by saying that he felt like HR analytics have been pushed upon customers for years and that while everyone in the room was itching for “the world to get there,” it wasn’t clear that the opportunity was real yet. The former CEO of Dice (and current industry advisor to Warburg Pincus) took this point one step further, stating that corporations have a real desire to adopt human capital analytics, but that there was little understanding of what to do with it. As a result, the only ones truly deriving value from this currently are the largest organizations, which place analytics on top of, not embedded inside, their applications. Overall, the view was that we are still in the “early innings” of a very big market opportunity for human capital analytics.

Eventually, we were able to move away from this engaging topic and discuss other large areas of interest in HCM. Here are a few opportunities that were covered:

• Learning/Training and Leadership Development – We are seeing a great deal of renewed interest in this sector, and the discussion at dinner reflected that. CorpU’s CEO talked about the enormity of this market, specifically for Leadership Development, and the continuing gap in the ability to train senior management, and then cascade the training downward through the organization, to enable the execution of strategic plans. He believes that modern technologies and collaborative learning should be utilized to make leadership training a reality and (back to our analytics discussion) that predictive analytics based on learning engagement/sentiment could be applied to forecast whether these strategies will ultimately be effective. CEB also added that more collaborative, informal and social learning was important, particularly in dealing with the influx of millennials into the workforce, inasmuch as they learn differently than did previous generations. Finally, the president of Mind Gym reminded everyone that learning and development can take various forms and that often the best way to solve a problem is by changing behavior, which is all about dealing with humans and not solely technology-enabled solutions. He also pointed out that learning and development can be used to solve other problems that might seem less related, such as improving employee attrition, since the number

SEEING THROUGH THE FOG OF WAR (FOR TALENT) (CONTINUED)

Eventually, our belief is that the broader pure-play leaders in human capital analytics will be acquired by larger HCM suite companies, once their market shows clear signs of maturing.

We are seeing a great deal of renewed interest in the learning/training and leadership development sector, and the discussion at dinner reflected that.

(from left) Sam Barthleme (JEGI), Steven Rosenberg (Mercer), Arnaud Gouachon (PeopleDoc), and Pete Lamson (Jazz)

JEGI HCM Emerging Company Dinner

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one factor causing attrition is usually the quality of management (which L&D can address).

• Engagement and Culture – Several attendees made the point that this is a real market opportunity and not just a soft and fluffy HR issue. The executive in attendance from Willis Towers Watson stressed the importance of engagement and the use of assessments and other tools to measure and improve engagement. He also talked about employee wellness as an emerging area of interest to Willis Towers Watson. Mercer noted that it was becoming increasingly important to provide a more personalized experience to both potential new hires and existing employees. This “consumerization” of the employment experience is also motivated in part by the entrance of millennials into the workforce.

• “Gig Economy” – The emergence of the “gig economy” (where temporary positions are common and organizations increasingly contract with independent workers for short-term assignments) was a topic of conversation. Kevin Oakes said that this has become a big issue for large corporations in recent times, as we have seen a breakdown in the relationship between employers and employees. Therefore, technology solutions are needed to better manage these gig workers.

Several other topics were also covered during dinner, but this piece provides a good summary of the highlights. We were truly impressed by the passion and knowledge of this topic among the attendees, who included CEOs of emerging private companies and senior strategy/business unit/corporate development executives from larger industry leaders. We were also thrilled with the quality of discussion and debate about this large and vibrant sector. Clearly, there is still a great deal of opportunity in Human Capital Management, and we at JEGI, are delighted to be active bankers to this industry and intend to remain so. Please contact us to discuss any areas of interest in HCM.

SEEING THROUGH THE FOG OF WAR (FOR TALENT) (CONTINUED)

It was becoming increasingly important to provide a more personalized experience to both potential new hires and existing employees. This “consumerization” of the employment experience is also motivated in part by the entrance of millennials to the workforce.

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PRIVATE COMPANY SPOTLIGHT: MODO LABSEach issue, we spotlight an interesting, emerging growth, privately-held company for our audience. As experienced tech investment bankers, we will highlight the key characteristics that enable these companies to be fast-developing market leaders and ultimately become compelling acquisition targets for strategic companies, as well as later-stage growth equity and private equity investors.

This month, our Private Company Spotlight shines on Modo Labs, which provides a complete mobile solution that enables non-technical staff at universities, enterprises and hospitals to create exceptional apps in very little time for use across their campuses.

The Company enables ordinary people to create extraordinary apps, allowing its clients to deploy powerful, branded multi-site and multi-role apps that leverage any back-end data and deliver it to any device. Modules can be instantly updated without resubmission to the app stores, so the app is always packed with current and actionable information.

Modo Labs is based in Cambridge, MA, and the Company is venture-backed by Storm Ventures and New Magellan Venture Partners. We spoke with Modo Labs’ CEO Stewart Elliot for his insights on how the Company is continuing to grow and differentiate itself from competitors in the enterprise mobile app market.

What is the “elevator pitch” of the main problem(s) Modo Labs is trying to solve?Modo Labs empowers ordinary people to create extraordinary campus apps. The company puts mobile implementation and deployment capabilities, previously only attainable by hiring expensive mobile consultants, directly into the hands of non-developers, thereby dramatically reducing mobile development time and costs for universities, corporations and hospitals.

How do you define and size Modo Labs’ market?Modo Labs’ market includes any university, large corporation or hospital looking to provide a centralized mobile campus experience that engages users and improves communication and productivity.

Our solution is used by hundreds of universities, from top Ivy League institutions, to large state schools, to community colleges. Universities are on the front lines of the mobile-born generation and recognize that the ability to connect with students on their smartphones is a necessity. When students can easily accomplish important tasks, such as adding and dropping classes, tracking shuttle buses, or finding the next campus event, retention improves and the school remains relevant and competitive.

Corporations have many of the same campus needs as universities, and our solution is ideally

suited for organizations with large numbers of employees spread across multiple locations. A mobile app created on our platform serves as a central communication hub, yet can also provide a personalized experience based on a user’s location or role. Similarly, hospitals use our solution to connect with patients, visitors and staff, and enable them to find a doctor, book an appointment, and search for important resources.

What “secret sauce” differentiates the Company from competitors, big and small? Modo Labs empowers every customer, no matter one’s level of technical skill, to create mobile apps for almost any purpose. Unlike lightweight quick app or event builder products, apps created on our platform are deeply integrated with a customer’s information systems and become an integral part of an organization’s digital strategy. Curated, feature-rich content, feed-based navigational items and more can be easily assembled to create a powerful native app experience.

We are impressed by the size and quality of Modo Labs’ customer base. Can you provide some representative case studies of why clients chose the Company for both enterprise and education campus markets? One of our hallmark Higher Ed customers is the University of Notre Dame. They chose our platform so they could provide a one-stop shop for student engagement on their campus, with features such

Modo Labs empowers every customer, no matter one’s level of technical skill, to create mobile apps for almost any purpose.

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PRIVATE COMPANY SPOTLIGHT: MODO LABS (CONTINUED)

as dining, academics, maps and more. In addition, the university uses the platform to regularly add fresh, relevant content to their app with modules for special events, including Game Day, Commencement, Admissions, and Sustainability – all created by non-IT staff and often by student interns. Since it was launched two years ago, that app has had more than 40,000 downloads – fantastic for a university with only 12,000 students. This illustrates that alumni and visitors are also finding the app to be highly valuable.

One of the nation’s largest financial services firms uses our platform to provide a central communications hub for all of its employees. The company chose Modo Labs’ platform so they could quickly deploy a complete and powerful workplace mobile app supporting over 100 locations, with limited IT involvement. Out-of-the-box modules allowed them to easily mobilize all types of corporate back-end data, including shuttle tracking, facilities, maps, dining information, directories and news. The app is also completely geo-aware so that the mobile experience is personalized for employees at different locations. The app is centrally managed, but key individuals at each location are empowered to create and update the app to communicate unique attributes and events at each particular office, all without duplicating development and branding efforts.

Other large corporate clients include Shell, Partners Healthcare, BlueShield and many others.

Can you share with us some insight into the growth path of Modo Labs in the past and looking forward?Because we were born out of MIT, we have a deep understanding of the challenges faced by universities and campuses. We have become the recognized market leader in Higher Ed and expect to see continued strong growth in that segment.

The enterprise market has also become an accelerating source of growth for Modo Labs. Large corporations have many of the same mobile requirements as universities – they need to mobilize information systems and communicate with tens of thousands of mobile app users in a centralized, yet personalized way¬. Corporations also experience the same development challenges and constraints as universities in that there is simply not enough internal mobile development expertise to scale.

In an ideal world, corporations would delegate the implementation of a mobile app and allow their business units to lead the app implementation effort for their respective areas of expertise.

For example, corporations would have line of business (LOB) representatives from Facilities, Communications, Marketing, HR and/or Real Estate departments take the lead, much in the same way that universities would have Marketing and Communications, Student Affairs, Student Recruitment, and Student Admissions departments head their respective components of the university mobile app.

While LOB representatives may be experts, it’s unlikely they are mobile app development experts. The reality is that as the demand for mobilization increases, IT staff cannot keep up. Therefore, a product like Modo Labs can help corporations scale and meet the demand for mobile, by enabling LOB units to mobilize their information systems and communications. Modo Labs is positioned to capitalize on this trend.

What excites you when you think about the Company’s future?Universities have been, and will continue to be, at the forefront of the mobile revolution, given that today’s students were born and raised on mobile devices. On university campuses across the nation, we have seen mobile apps go from being a “nice-to-have” to a “must-have”, in order to meet the expectations of students and to stay competitive. We expect to see this trend carry over into the enterprise market, as many of the mobile-born generation head out into the workforce. They will demand mobile communication and engagement that will drive change in the workplace.

Please describe the culture of Modo Labs. How does your MIT heritage continue to shape the culture today?We are really proud that our Higher Ed clients consider us a true partner and an integral part of their mobile strategy. To that end, we host an annual mobile conference that has become the leading mobile strategy conference for Higher Ed. Each year, as the conference moves from one customer campus to another, the attendance has grown dramatically, while the agenda now spans three days with both technical and strategy tracks.

At the conference and otherwise, it is very exciting to see the sharing of ideas and the community that has emerged around the use of our platform. We are regularly amazed by what our clients are building with our technology, all on their own, using both staff and students. We just completed our 4th annual conference at CSU Northridge in Los Angeles and are already planning next year’s event. Hope to see you there!

A product like Modo Labs can help corporations scale and meet the demand for mobile, by enabling LOB units to mobilize their information systems and communications.

We are regularly amazed by what our clients are building with our technology, all on their own, using both staff and students.

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HEY, DID YOU SEE THIS?

Read Article

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ITINERIS April 26, 2016

Itineris, a customer information system and ERP solutions provider, has joined Microsoft’s Global Independent Software Vendor program in order to better leverage Microsoft solutions and developer tools to increase the value of its UMAX CIS solution. The integration will also give Microsoft a strategic enterprise partner in the energy and water industries, giving them the ability to leverage Itineris’ expertise in utility operations. Another highlight of the Global ISV contract includes closer alignment of development cycles.

CAPTORAMay 3, 2016

Captora, a Top of Funnel (ToFu) Digital Marketing platform, announced its next generation products and services that simplify marketers’ ability to prioritize, launch and optimize campaigns across search, advertising and social channels. This new release will take the guessing out of companies’ digital marketing strategy while providing a scalable platform for accelerating the impact of digital campaigns across multiple channels. Digital marketers will now be able to automate their ToFu campaigns and view real-time performance insights.

FIELDLENS March 7, 2016

FieldLens, a simple yet powerful app that enables projects to get done faster, features an uneditable audit trail, meaning once data has been entered it will remain there forever. This includes who added the information, as well as a date and time stamp. This feature provides a safer and more secure way to protect the user’s important files. Additionally, information in FieldLens is easily searchable, giving the user a tool to better manage project communication.

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HEY, DID YOU SEE THIS? (CONTINUED)

Read Article

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TALISMA May 4, 2016

Talisma, a provider of customer experience solutions, has announced the availability of its Digital Platform for managing the customer experience. The solution helps service providers integrate their diverse customer service initiatives on one platform in order to provide a unique, engaging and differentiated experience for their users, while also enabling powerful intelligence and analytics. Benefits of the platform include the ability to track and engage customers across multiple channels, measure engagement effectiveness and collect real-time feedback, and allow service providers to establish closer relationships with their customers.

KINVEYMay 17, 2016

Kinvey, an enterprise mobile Backend as a Service (mBaaS), has announced Mobile Data Connect for SAP to help enterprise customers and Systems Integrator (SI) partners quickly build highly performant and secure digital applications against existing SAP systems. This solution will provide a secure way to make SAP data available to mobile applications, as well as accelerate data delivery speeds. The new Mobile Data Connect for SAP will also meet the needs of offline field workforce mobile use by providing pre-built modules for catching, syncing and encrypting.

MIRAKL April 28, 2016

Mirakl, a global online marketplace platform provider, has announced the release of “Click & Collect,” which offers a standard omni-channel format for all brick and mortar brands by breaking down barriers between marketplaces and e-commerce. This new feature allows customers to collect and pay for the product that they have ordered rather than using the traditional home delivery option. Click & Collect automates the management of all stages and exchanges relating to a request for delivery in store, while giving the end customer transparency throughout the entire process.

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SELECTED MAY M&A TRANSACTIONS IN JEGI TECH COVERAGE

BUYER SELLER TARGET DESCRIPTIONENTERPRISE VALUE

($MM)

Computer Sciences HP Enterprise (enterprise services division) Enterprise IT services assets $6,000

Vista Equity Partners Marketo Marketing automation SaaS $1,790

Oracle Corporation Opower Energy efficiency & CRM SaaS $532

Accel-KKR SciQuest SCM SaaS $509

Platinum Equity Electro Rent Electronic & computer rental services $323

Vonage Holdings Nexmo Mobile messaging & voice PaaS $230

Black Knight Fin Services (Fidelity) eLynx Financial document EDI SaaS $115

NXT-ID LogicMark Mobile personal emergency response systems $20

Deals with Values (by size)

Deals without Announced Values (alphabetical by buyer)

BUYER SELLER TARGET DESCRIPTION

Active Network (Vista Equity) JumpForward Athletic department software & SaaS

Adobe Systems Livefyre Social comment aggregation SaaS

Awesome Commerce (Applied Inn.) LaGarde (Freestyle Solutions) E-commerce check-out payments software

Bain Capital/Vista Equity Partners Vertafore (TPG Capital) Insurance management software & SaaS

Blackboard (Providence Equity) Sequoia Retail Systems College campus POS systems

BLUE Software (Diversis Capital) Eastman Kodak Company (Design2 business) Brand graphics management software

Demandbase Spiderbook Account-based sales & marketing SaaS

EdCast Sales University (WAG Mobile) Sales workforce training apps

Fitbit Coin (wearable payments assets) Wearable payments assets

Genstar Capital Accruent (TA Associates) Facilities management software

GeoSpatial Innovations Trimble Navigation (TETs business) Utility infrastructure design SaaS

LinkedIn Run Hop Online content distribution services

Live Nation Entertainment INDMUSIC Outsourced YouTube monetization management

Magnitude Software (Audax) Datalytics Technologies ERP analytics software

MedData (MEDNAX) Duet Health Mobile patient engagement SaaS

Mediaocean (Vista Equity) ColSpace Corporation Marketing media management SaaS

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SELECTED MAY M&A TRANSACTIONS IN JEGI TECH COVERAGE (CONTINUED)

BUYER SELLER TARGET DESCRIPTION

Mediware Information (Thoma Bravo) Bowman Systems Human services case management SaaS

Optiv Security (Blackstone Group) Evantix GRC (assets) Vendor risk management SaaS assets

PayNearMe Mobilligy Online bill payments app

PeopleAdmin (Vista Equity) TeacherMatch Teacher recruiting & screening SaaS

Pinterest AdLast Mobile marketing & monetization software

salesforce.com Implisit Customer analytics & sales intelligence SaaS

SmartBear Software (Insight Partners) CrossBrowserTesting.com Mobile & desktop software testing SaaS

TA Associates Professional Datasolutions (Luminate Capital Partners) Retail ERP software systems

Thompson Street Capital Partners Global Software Excel automation & reporting software

Tricent Capital Customer Discovery Ninja Customer analytics & marketing automation SaaS

Upserve Pospitality (Groupon) Mobile PoS SaaS

Versata Enterprises (ESW Capital) @hand Corporation Mobile office & workforce apps

Vimeo VHX Corporation Video content distribution & management SaaS

Warburg Pincus DocuTAP Urgent care EMR SaaS & mobile applications

Xpressdocs Holdings Merrill Corporation (real estate businesses) (Credit Suisse) Data management & marketing BPO

Zoftec JDA Software Group (assets) (RedPrairie) CRM & POS assets

Zuercher Tech (Insight Partners) EmergiTech Public safety management SaaS

Deals without Announced Values (alphabetical by buyer)

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ABOUT JEGI

JEGI has been the leading independent investment bank for the global software, tech-enabled services, media, marketing and information sectors for more than 28 years. Headquartered in New York, with offices in Boston and London (via its partnership with Clarity), JEGI has completed more than 600 high-profile M&A transactions, serving global corporations; middle-market and emerging companies; entrepreneurial owners and founders; and private equity and venture capital firms.

We provide clients with a global network of prospective buyers and senior decision-makers, as well as vast industry knowledge, perspective and intelligence. This affords our clients seamless access to deep market insights and a wealth of M&A experience, enabling us to deliver the highest closing rate in our industry and drive strong valuations.

For more information, visit www.jegi.com.

600Over the past 28 years, JEGI has completed more than

M&A transactions, serving global corporations; middle-market and emerging companies; entrepreneurial owners and founders; and private equity and venture capital firms.

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Wilma JordanFounder & [email protected]

Jeff BeckerManaging [email protected]

Scott [email protected]

Tom PechtManaging [email protected]

Tolman [email protected]

Sam [email protected]

Richard MeadManaging [email protected]

Adam [email protected]

David ClarkManaging [email protected]

Bill [email protected]

Amir AkhavanManaging [email protected]

LONDONClarity, 90 Long Acre London WC2E 9RA +44 20 3402 4900 | www.claritycp.com

NEW YORK JEGI,150 East 52nd Street18th FloorNew York, NY 10022 +1 212 754 0710 | www.jegi.com

BOSTON JEGI, CIC Boston, 50 Milk Street16th FloorBoston, MA 02109+1 617 294 6555 | www.jegi.com

Doug [email protected]

Joseph SanbornManaging [email protected]

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RKG is a leading tech-enabled search and digital marketing agency.

Infogroup is the leading provider of sales enablement and business intelligence SaaS solutions.

Selligent is an international SaaS platform delivering omnichannel audience engagement.

ViryaNet is a leading provider of mobile workforce management solutions for field service.

ePrize is a leader in digital engagement, specializing in promotions and loyalty campaigns.

erecruit is a leader in enterprise staffing software and vendor management systems for large staffing firms.

Distimo is a leading mobile app market intelligence and analytics provider.

Mspot is a pioneer and leader in mobile entertainment services.

Soonr is a leading provider of enterprise secure file sharing and collaboration services for IT business managers.

onPeak is a leading event housing software and services provider.

MyWebGrocer is a leading provider of shopping and shopper marketing software and services.

Note: Some of the transactions highlighted above were completed by JEGI Managing Directors Joseph Sanborn and Jeff Becker, prior to joining the firm.

Resource/Ammirati is a leading, US-based digital marketing and creative agency.