week of july 24, 2017 - gca advisors · 5 valuation and operational metrics trading comparables...

11

C O M P A N Y P R E S E N T A T I O NSoftware

Sector SummaryWeek of July 24, 2017

22

DEAL DASHBOARD

Notes:Source: Capital IQ, PitchBook, and Dow Jones VentureSource. Market Data as of 07/21/2017.1) Criteria based on software series A and subsequent rounds of global financings greater than or equal to $20MM. 2) Financings include Software Venture and Private Equity Growth / Expansion activity. 3) Criteria based on global target software M&A deals with transaction enterprise values greater than $50MM. 4) Software M&A transactions reflect select transactions in CY2017.5) iShares North American Tech-Software ETF (IGV), used as proxy for software landscape. Top holdings in the ETF include ADBE, MSFT, ORCL, CRM, and INTU. 6) Criteria based on global public target software M&A deals with enterprise transaction values greater than $100MM.

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

$Bn $Bn

Software

(23)%16%

2%16%

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

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

$50 $3,903

$50 $1,125

$47 $834

$36 $610

$31 $614

$31 $533

$25 $344

$23 $270

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

` Financing Activity by Quarter

$26.7 BillionFinancing Volume YTD (1)(2)

351Financing Transactions YTD (1)(2)

$19 BillionM&A Volume YTD (3)

50M&A Transactions YTD (3)

(5%)

0%

5%

10%

15%

20%

25%

30%

35%

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

IGV SPX

86

118103 111

127

94

123

156 160

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

$4$6 $6

$9$10

$5$6

$14

$12

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

$15

$24

$16

$6

$50

$41

$15$12

$5

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

13

2429

14

2924

2925

21

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

14%

31%

( )

( )

3.9x

3.1x

4.2x

3.6x 4.0x

4.6x

2.4x

4.7x

3.9x

5.3x

4.3x

3.7x

4.9x

2.3x 2.7x

2.2x

2.9x 2.9x

4.5x 4.1x

2.5x

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

2011 2012 2013 2014 2015 2016 2017 YTD

All Buyers Strategic Buyers PE Buyers

33

GCA OVERVIEW

US Team

Steve FletcherManaging DirectorHead of Software

[email protected]

Jimmy OrozcoManaging [email protected]

Josh WepmanManaging Director

Software & Digital Media

[email protected]

The GCA Software Team

Clark CallanderManaging Director

Head of Investment [email protected]

Todd CarterCo-President & [email protected]

Executive Leadership Select Europe Team

*Sascha PfeifferCo-Head of European Technology & Media

[email protected]

*Adrian ReedManaging Director

[email protected]

*Stephen GeorgiadisManaging Director

[email protected]

*Raiko SteltenDirector

[email protected]

Select Asia Team

**Ryuichi KanemakiManaging [email protected]

**Tomohiko KubotaManaging Director

CEO of [email protected]

**Akikazu IdaCo-Head of Asian

Technology & [email protected]

Glen KrugerDirector

[email protected]

Mike JanovecVice President

[email protected]

Gautam GargVice President

[email protected]

Daniel AvrutskyManaging Director

[email protected]

Peter BangManaging DirectorFinancial ServicesFinancial [email protected]

Chris GoughManaging Director

Real Estate [email protected]

Sean MinnihanManaging Director

FinTechFinancial Software

[email protected]

Derek BellManaging DirectorBusiness [email protected]

JT HermanManaging Director

Industrial [email protected]

Arthur KirschManaging Director

Healthcare [email protected]

John LambrosManaging Director

Head of Digital [email protected]

Alex VitaleManaging Director

Auto [email protected]

*Phil AdamsCEO of GCA Altium

[email protected]

*Tobias SchultheissManaging Director

[email protected]

Sameer JindalManaging Director

Head of Indian [email protected]

Paul DiNardoManaging Director

[email protected]

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

44

Index Performance

RECENT STOCK PERFORMANCE

Last 12 Months Last 3 Years

Notes:Source: Capital IQ. Market Data as of 07/21/2017.BI & Analytics: ATTU, AYX, CLDR, DATA, DWCH, FICO, GSUM, HDP, MSTR, SPLK, TDC, VRNT.Infrastructure: APPN, ATEN, CA, CTXS, CVLT, FFIV, LOGM, MCRO, MULE, NEWR, NOW, NTCT, NTNX, PRGS, PSTG, RHT, SOW, SPLK, TEAM, VMW.Platform: GOOGL, IBM, MSFT, ORCL, SAP.SaaS / On Demand: AMBR, APPN, APTI, AYX, AZPN, BCOV, BLKB, BNFT, BOX, BV, CALD, CARB, CLDR, COUP, COVS, CRM, CSLT, CSOD, ECOM, FIVN, HUBS, INST, JCOM, LOGM, LPSN, MIME, MRIN, MULE, NEWR, NOW, OKTA, PAYC, PCTY, PCYG, QLYS, RNG, RP, SHOP, SPSC, TWOU, ULTI, VEEV, WDAY, WK, YEXT, ZEN.Security: ABT, CHKP, CUDA, CYBR, FEYE, FSC1V, FTNT, GUID, IMPV, IPAS, MIME, MOBL, PANW, PFPT, QLYS, RPD, SCWX, SPLK, SYMC, Trend Micro, VDSI, ZIXI.Vertical: APPF, ATHN, BLKB, CERN, CLGX, CSLT, CSU, ELLI, EXA, GWRE, HSTM, INOV, INST, MDRX, MDSO, RP, SSNC, SSNI, VEEV, WBMD.

(10%)

(5%)

0%

5%

10%

15%

20%

25%

30%

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

(35%)

(25%)

(15%)

(5%)

5%

15%

25%

35%

45%

55%

65%

75%

Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17

Sector 3 Months 1 Year 3 Years

Platform 11.0% 25.9% 43.9%

Security 8.2% 25.6% 42.4%

Infrastructure 5.9% 19.4% 25.1%

BI & Analytics 3.9% 10.1% 10.5%

Vertical 13.0% 19.3% 50.3%

SaaS / On Demand 12.1% 28.2% 68.8%

55

Valuation and Operational Metrics

TRADING COMPARABLES

Notes:Source: Capital IQ. Market Data as of 07/21/2017.Figures represent mean values of respective comp groups.BI & Analytics: ATTU, AYX, CLDR, DATA, DWCH, FICO, GSUM, HDP, MSTR, SPLK, TDC, VRNT.Infrastructure: APPN, ATEN, CA, CTXS, CVLT, FFIV, LOGM, MCRO, MULE, NEWR, NOW, NTCT, NTNX, PRGS, PSTG, RHT, SOW, SPLK, TEAM, VMW.Platform: GOOGL, IBM, MSFT, ORCL, SAP.SaaS / On Demand: AMBR, APPN, APTI, AYX, AZPN, BCOV, BLKB, BNFT, BOX, BV, CALD, CARB, CLDR, COUP, COVS, CRM, CSLT, CSOD, ECOM, FIVN, HUBS, INST, JCOM, LOGM, LPSN, MIME, MRIN, MULE, NEWR, NOW, OKTA, PAYC, PCTY, PCYG, QLYS, RNG, RP, SHOP, SPSC, TWOU, ULTI, VEEV, WDAY, WK, YEXT, ZEN.Security: ABT, CHKP, CUDA, CYBR, FEYE, FSC1V, FTNT, GUID, IMPV, IPAS, MIME, MOBL, PANW, PFPT, QLYS, RPD, SCWX, SPLK, SYMC, Trend Micro, VDSI, ZIXI.Vertical: APPF, ATHN, BLKB, CERN, CLGX, CSLT, CSU, ELLI, EXA, GWRE, HSTM, INOV, INST, MDRX, MDSO, RP, SSNC, SSNI, VEEV, WBMD.

EV / 2017E Revenue EV / 2017E EBITDA

2017E / 2016A Rev. Growth 2017E EBITDA Margin

36.6%

25.1% 23.5%

20.2% 16.7%

15.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

Platform Infrastructure Vertical Security SaaS BI & Analytics

Median: 21.8%

36.0x

30.0x 29.1x25.2x 25.0x

12.2x

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

30.0x

35.0x

40.0x

SaaS Security BI & Analytics Vertical Infrastructure Platform

Median: 27.1x

6.2x

5.3x 5.1x4.6x

4.2x 4.0x

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

SaaS Infrastructure Vertical Platform Security BI & Analytics

Median: 4.8x

24.2% 21.9%

16.2% 15.9% 15.6%

11.4%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

SaaS BI & Analytics Vertical Infrastructure Security Platform

Median: 16.1%

66

Software Trading Statistics

PUBLIC COMPANY VALUATIONS

Notes:Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM.Negative margins considered NM. Market Data as of 07/21/2017.

($MM, Except Per Share Data)

Stock Trading Statistics Operating Metrics

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

7/21/2017 Value Debt Value CY 16 CY 17E CY 18E CY 16 CY 17E CY 18E CY 16 CY 17E CY 18E 16E/15A 17E/16E 18E/17E CY 16 CY 17E CY 18E

Platform

Alphabet Inc. $993.84 $687,491 ($90,758) $596,733 6.6x 5.5x 4.8x 20.0x 13.6x 11.6x 35.7x 29.3x 24.9x 20.4% 19.3% 16.5% 33.1% 40.8% 41.0%

Microsoft Corporation $73.79 568,773 (42,996) 525,777 6.1 5.2 4.9 19.0 13.5 12.5 34.7 22.1 21.9 (2.7%) 17.4% 6.9% 32.4% 38.8% 39.1%

Oracle Corporation $50.80 210,143 (8,169) 201,974 5.4 5.2 5.0 13.8 11.4 10.7 24.2 17.7 16.4 (0.6%) 4.0% 4.0% 39.2% 45.6% 47.0%

International Business Machines Corporation $147.08 137,079 33,378 170,457 2.1 2.2 2.2 9.2 9.2 9.1 11.9 10.7 10.6 (2.2%) (2.5%) (0.2%) 23.2% 23.8% 24.2%

SAP SE $103.89 124,530 2,303 126,833 5.4 4.6 4.3 19.9 13.5 12.6 32.4 21.4 19.5 3.1% 18.8% 6.5% 27.4% 33.9% 34.1%

Mean 5.1x 4.6x 4.2x 16.4x 12.2x 11.3x 27.8x 20.2x 18.7x 3.6% 11.4% 6.7% 31.0% 36.6% 37.1%

Median 5.4 5.2 4.8 19.0 13.5 11.6 32.4 21.4 19.5 (0.6%) 17.4% 6.5% 32.4% 38.8% 39.1%

Infastructure

VMware, Inc. $92.27 $37,684 ($6,485) $31,199 4.4x 4.1x 3.9x 16.9x 10.9x 10.7x 33.2x 18.7x 17.3x 6.7% 7.4% 5.8% 26.1% 37.4% 36.1%

ServiceNow, Inc. $108.19 18,379 (459) 17,920 12.9 9.5 7.4 NM 43.8 29.4 NM 92.7 62.8 38.3% 35.0% 29.8% NM 21.8% 25.0%

Red Hat, Inc. $98.94 17,558 (887) 16,671 7.2 6.1 5.4 41.8 23.0 19.4 75.5 38.9 32.6 17.9% 16.7% 13.8% 17.1% 26.6% 27.8%

CA, Inc. $34.42 14,498 157 14,655 3.6 3.6 3.5 11.4 9.9 9.8 18.3 14.8 13.9 (0.1%) 1.8% 1.9% 31.8% 36.2% 35.9%

Citrix Systems, Inc. $81.86 12,373 43 12,416 3.6 4.4 4.2 12.1 12.6 11.8 24.0 17.7 16.1 4.4% (17.3%) 4.1% 30.0% 34.8% 35.8%

Splunk Inc. $61.06 8,449 (1,003) 7,446 7.8 6.2 4.9 NM 54.9 39.1 NM NM 81.8 42.1% 26.3% 25.6% NM 11.3% 12.7%

F5 Networks, Inc. $126.90 8,210 (1,015) 7,196 3.6 3.4 3.2 11.8 8.6 8.0 22.9 15.2 13.7 3.9% 5.8% 6.2% 30.2% 39.3% 39.8%

Atlassian Corporation Plc $35.75 8,061 (504) 7,557 14.2 10.7 8.2 NM 43.0 32.0 NM 91.3 63.9 37.2% 33.5% 29.2% NM 24.8% 25.7%

Micro Focus International plc $28.45 6,535 1,411 7,945 5.9 5.7 5.7 15.2 12.2 12.0 41.3 15.7 14.9 9.3% 2.1% 0.9% 38.6% 47.1% 47.5%

LogMeIn, Inc. $111.30 5,857 (266) 5,591 16.6 5.5 4.8 NM 16.0 12.3 NM 28.7 23.2 23.7% 5.6% 15.6% 12.2% 34.5% 38.9%

Nutanix, Inc. $23.73 3,596 (350) 3,245 5.4 3.6 2.7 NM NM NM NM NM NM 83.4% 47.8% 33.2% NM NM NM

MuleSoft, Inc. $26.09 3,360 (340) 3,020 16.1 11.1 8.2 NM NM NM NM NM NM 70.3% 45.3% 35.5% NM NM NM

Software Aktiengesellschaft $43.82 3,348 (18) 3,330 3.6 3.2 3.1 12.3 10.3 9.8 22.6 15.0 14.4 (2.9%) 13.5% 2.9% 29.5% 30.9% 31.5%

NetScout Systems, Inc. $33.80 3,100 (143) 2,957 2.6 2.6 2.4 26.3 10.5 8.1 NM 18.6 14.9 43.1% 2.2% 7.9% 10.0% 24.5% 29.2%

Pure Storage, Inc. $13.58 2,834 (536) 2,298 3.2 2.3 1.8 NM NM 31.1 NM NM NM 65.3% 37.1% 30.4% NM 0.6% 5.7%

Commvault Systems, Inc. $60.25 2,733 (450) 2,282 3.6 3.3 3.0 NM 24.2 18.8 NM 56.0 43.6 8.7% 7.0% 10.0% 2.7% 13.8% 16.2%

New Relic, Inc. $47.08 2,545 (206) 2,339 9.6 7.2 5.7 NM NM 69.5 NM NM NM 49.6% 33.2% 27.0% NM 0.1% 8.2%

Progress Software Corporation $31.78 1,535 (118) 1,416 3.5 3.6 3.6 13.0 8.8 8.8 NM 18.1 18.2 7.4% (2.6%) 0.9% 26.9% 40.9% 40.6%

Appian Corporation $20.53 1,224 (15) 1,209 9.1 7.8 6.5 NM NM NM NM NM NM 19.5% 17.0% 19.5% NM NM NM

A10 Networks, Inc. $6.70 465 (116) 348 1.5 1.5 1.4 NM 86.3 33.7 NM NM NM 15.6% 0.4% 11.4% NM 1.7% 4.0%

Mean 6.9x 5.3x 4.5x 17.9x 25.0x 21.4x 34.0x 34.0x 30.8x 27.2% 15.9% 15.6% 23.2% 25.1% 27.1%

Median 4.9 4.2 4.0 13.0 12.6 12.3 24.0 18.6 17.7 18.7% 10.5% 12.6% 26.9% 26.6% 29.2%

77







Security

Symantec Corporation $31.18 $18,965 $3,930 $22,895 6.1x 4.6x 4.3x 26.2x 10.6x 8.8x NM 20.4x 15.6x 4.2% 31.3% 7.8% 23.2% 43.7% 48.6%

Check Point Software Technologies Ltd. $106.39 17,389 (1,599) 15,790 9.1 8.4 7.9 18.3 15.1 14.1 25.5 20.5 18.8 6.8% 7.5% 6.9% 49.7% 55.7% 55.9%

Palo Alto Networks, Inc. $138.72 12,738 (854) 11,884 7.6 6.2 5.1 NM 26.2 20.4 NM 48.5 37.6 36.3% 22.7% 21.2% NM 23.5% 24.9%

Splunk Inc. $61.06 8,449 (1,003) 7,446 7.8 6.2 4.9 NM 54.9 39.1 NM NM 81.8 42.1% 26.3% 25.6% NM 11.3% 12.7%

Trend Micro Incorporated $51.78 7,110 (1,113) 5,997 5.3 4.5 4.3 15.4 13.4 12.4 33.8 30.7 27.4 9.3% 16.9% 5.8% 34.5% 33.9% 34.5%

Fortinet, Inc. $40.37 7,095 (1,199) 5,897 4.6 4.0 3.4 61.6 19.6 15.8 NM 44.3 36.1 26.4% 16.9% 14.8% 7.5% 20.2% 21.9%

Proofpoint, Inc. $91.49 4,000 (41) 3,959 10.5 7.9 6.2 NM 67.6 44.5 NM NM 96.0 41.5% 33.1% 27.8% NM 11.7% 13.9%

FireEye, Inc. $15.76 2,811 (124) 2,687 3.8 3.7 3.4 NM 40.9 31.0 NM NM NM 14.6% 2.4% 8.9% NM 9.0% 10.9%

Imperva, Inc. $49.30 1,650 (313) 1,337 5.1 4.2 3.5 NM 41.0 29.3 NM NM 75.7 12.9% 21.5% 18.2% NM 10.2% 12.0%

Qualys, Inc. $41.80 1,548 (245) 1,303 6.6 5.8 5.0 27.3 18.2 14.9 83.6 49.5 41.0 20.5% 14.5% 16.2% 24.2% 31.6% 33.2%

Mimecast Limited $27.02 1,523 (109) 1,413 8.3 6.2 4.9 NM 80.1 50.9 NM NM NM 26.1% 33.8% 24.9% NM 7.7% 9.7%

CyberArk Software Ltd. $42.35 1,471 (287) 1,184 5.5 4.6 3.9 27.9 20.9 16.3 54.3 39.3 31.1 34.7% 18.2% 19.9% 19.6% 22.1% 23.7%

Barracuda Networks, Inc. $23.18 1,228 (203) 1,025 3.0 2.8 2.6 29.4 15.4 12.3 NM 31.6 27.3 12.5% 7.0% 7.7% 10.0% 17.9% 20.8%

SecureWorks Corp. $10.67 865 (92) 773 1.8 1.7 1.5 NM NM NM NM NM NM 26.5% 7.9% 10.3% NM NM 0.3%

F-Secure Oyj $4.68 732 (103) 629 3.8 3.1 2.9 26.4 32.1 19.1 44.4 63.6 35.6 4.2% 19.7% 10.1% 14.3% 9.8% 14.9%

Rapid7, Inc. $16.74 727 (79) 647 4.1 3.3 2.7 NM NM NM NM NM NM 42.4% 24.5% 21.0% NM NM NM

MobileIron, Inc. $6.25 576 (91) 486 3.0 2.7 2.4 NM NM NM NM NM NM 9.8% 11.6% 12.2% NM NM NM

VASCO Data Security International, Inc. $14.00 559 (146) 413 2.1 2.2 2.0 25.5 25.6 19.3 52.7 41.6 36.2 (20.4%) (3.9%) 9.6% 8.4% 8.7% 10.6%

Zix Corporation $5.77 314 (23) 290 4.8 4.4 3.9 24.4 16.2 13.8 53.2 20.6 17.3 9.9% 10.4% 11.0% 19.8% 26.9% 28.6%

Absolute Software Corporation $6.31 249 (35) 214 2.4 2.2 2.0 19.2 26.1 17.6 NM NM 35.6 (4.2%) 8.8% 10.5% 12.6% 8.5% 11.4%

Guidance Software, Inc. $6.83 223 (17) 206 1.9 1.8 1.7 NM 16.8 13.4 NM 21.7 17.4 3.3% 4.3% 7.2% NM 10.7% 12.5%

iPass Inc. $1.29 85 (13) 72 1.1 1.0 0.9 NM NM 14.3 NM NM 57.3 1.1% 8.9% 22.0% NM NM 6.0%

Mean 4.9x 4.2x 3.6x 27.4x 30.0x 21.4x 49.6x 36.0x 40.5x 16.4% 15.6% 14.5% 20.3% 20.2% 20.4%

Median 4.7 4.1 3.5 26.2 23.3 16.3 52.7 35.5 35.6 12.7% 15.7% 11.6% 19.6% 14.8% 14.4%


88








SaaS

Salesforce.com, inc. $89.69 $63,800 ($684) $63,116 7.5x 6.1x 5.1x NM 28.8x 23.3x NM 69.0x 53.5x 25.9% 22.6% 19.5% 6.0% 21.3% 22.0%

Workday, Inc. $102.64 21,246 (1,574) 19,672 12.5 9.6 7.7 NM 66.0 46.7 NM NM NM 35.0% 30.8% 25.1% NM 14.5% 16.4%

ServiceNow, Inc. $108.19 18,379 (459) 17,920 12.9 9.5 7.4 NM 43.8 29.4 NM 92.7 62.8 38.3% 35.0% 29.8% NM 21.8% 25.0%

Shopify Inc. $89.42 9,377 (396) 8,982 23.1 14.3 10.2 NM NM NM NM NM NM 89.7% 61.2% 40.0% NM 0.8% 4.4%

Veeva Systems Inc. $63.17 8,828 (664) 8,164 15.0 12.2 10.2 67.0 38.4 31.7 NM 76.2 63.3 32.9% 23.1% 19.6% 22.4% 31.8% 32.1%

The Ultimate Software Group, Inc. $225.39 6,699 (75) 6,623 8.5 6.8 5.6 98.0 28.1 22.7 NM 56.5 45.8 26.4% 23.9% 21.8% 8.7% 24.3% 24.8%

LogMeIn, Inc. $111.30 5,857 (266) 5,591 16.6 5.5 4.8 NM 16.0 12.3 NM 28.7 23.2 23.7% 5.6% 15.6% 12.2% 34.5% 38.9%

Blackbaud, Inc. $89.56 4,204 342 4,546 6.2 5.8 5.3 36.5 24.0 21.5 NM 42.0 37.5 14.6% 7.8% 8.8% 17.1% 24.0% 24.7%

Aspen Technology, Inc. $56.30 4,194 38 4,232 9.0 8.8 8.3 19.2 18.2 16.8 32.6 29.1 27.5 1.7% 2.1% 5.3% 46.7% 48.1% 49.5%

Paycom Software, Inc. $69.64 4,139 (61) 4,077 12.4 9.5 7.6 60.0 34.3 26.6 94.4 63.8 50.1 46.5% 30.1% 24.6% 20.7% 27.7% 28.7%

j2 Global, Inc. $83.37 4,018 641 4,659 5.3 4.0 3.7 12.6 9.7 8.7 26.6 14.3 12.8 21.3% 31.6% 8.2% 42.3% 41.5% 43.1%

MuleSoft, Inc. $26.09 3,360 (340) 3,020 16.1 11.1 8.2 NM NM NM NM NM NM 70.3% 45.3% 35.5% NM NM NM

RealPage, Inc. $39.15 3,237 61 3,298 5.8 5.0 4.4 40.5 20.4 16.5 NM 42.6 34.6 21.3% 15.7% 14.3% 14.3% 24.6% 26.7%

Zendesk, Inc. $29.16 2,886 (248) 2,638 8.5 6.3 4.8 NM NM 97.0 NM NM NM 49.4% 34.8% 29.7% NM 3.0% 5.0%

HubSpot, Inc. $73.60 2,691 (122) 2,569 9.5 7.2 5.7 NM NM NM NM NM NM 48.9% 32.3% 26.0% NM 3.2% 5.6%

Box, Inc. $19.68 2,660 (103) 2,557 6.4 5.1 4.1 NM NM NM NM NM NM 31.7% 26.8% 23.0% NM NM 3.1%

RingCentral, Inc. $34.95 2,627 (150) 2,477 6.5 5.1 4.1 NM 81.8 54.6 NM NM NM 28.2% 29.1% 23.8% NM 6.2% 7.5%

New Relic, Inc. $47.08 2,545 (206) 2,339 9.6 7.2 5.7 NM NM 69.5 NM NM NM 49.6% 33.2% 27.0% NM 0.1% 8.2%

Paylocity Holding Corporation $47.46 2,445 (101) 2,343 8.9 7.1 5.7 NM 41.1 31.3 NM 72.8 56.2 40.8% 25.0% 23.9% 2.7% 17.3% 18.3%

Cloudera, Inc. $18.25 2,393 (222) 2,172 8.3 6.2 5.0 NM NM NM NM NM NM 57.2% 33.3% 26.0% NM NM NM

2U, Inc. $50.05 2,380 (129) 2,250 10.9 8.3 6.3 NM NM NM NM NM NM 37.1% 31.9% 31.3% NM 3.8% 5.3%

Okta, Inc. $24.27 2,313 (224) 2,088 13.0 8.9 6.5 NM NM NM NM NM NM 86.6% 47.0% 36.2% NM NM NM

Cornerstone OnDemand, Inc. $40.00 2,273 (50) 2,223 5.3 4.6 4.0 NM 39.8 26.8 NM 97.9 49.7 24.6% 13.9% 15.9% NM 11.6% 14.9%

Coupa Software Incorporated $29.50 1,563 (238) 1,325 9.9 7.6 6.1 NM NM NM NM NM NM 59.9% 30.2% 24.8% NM NM NM

Callidus Software Inc. $23.90 1,550 (183) 1,367 6.6 5.6 4.7 NM 45.2 34.2 NM 76.6 57.3 19.4% 18.4% 18.4% NM 12.4% 13.8%

Qualys, Inc. $41.80 1,548 (245) 1,303 6.6 5.8 5.0 27.3 18.2 14.9 83.6 49.5 41.0 20.5% 14.5% 16.2% 24.2% 31.6% 33.2%

Mimecast Limited $27.02 1,523 (109) 1,413 8.3 6.2 4.9 NM 80.1 50.9 NM NM NM 26.1% 33.8% 24.9% NM 7.7% 9.7%

Alteryx, Inc. $21.49 1,254 (164) 1,089 12.7 8.9 6.5 NM NM NM NM NM NM 59.4% 43.5% 35.9% NM NM NM

Yext, Inc. $13.71 1,234 (134) 1,101 8.9 6.5 4.9 NM NM NM NM NM NM 38.5% 36.2% 32.9% NM NM NM

Appian Corporation $20.53 1,224 (15) 1,209 9.1 7.8 6.5 NM NM NM NM NM NM 19.5% 17.0% 19.5% NM NM NM

Five9, Inc. $22.46 1,223 (11) 1,212 7.5 6.3 5.4 NM NM 63.7 NM NM NM 25.8% 19.0% 17.4% 1.1% 5.9% 8.4%

Benefitfocus, Inc. $34.70 1,077 51 1,128 4.8 4.2 3.6 NM 70.4 37.5 NM NM NM 26.0% 13.8% 18.6% NM 6.0% 9.5%

SPS Commerce, Inc. $58.94 1,013 (154) 859 4.4 3.9 3.4 45.6 26.7 21.9 NM 69.6 56.0 21.9% 14.3% 14.7% 9.8% 14.6% 15.5%

99








SaaS (Cont'd)

Instructure, Inc. $30.90 $894 ($38) $855 7.7x 5.6x 4.3x NM NM NM NM NM NM 51.5% 36.8% 30.3% NM NM NM

Workiva Inc. $20.05 830 (44) 786 4.4 3.8 3.4 NM NM NM NM NM NM 23.0% 14.5% 14.6% NM NM NM

LivePerson, Inc. $11.70 684 (48) 636 2.9 3.1 2.9 71.1 34.4 26.8 NM NM 78.0 (6.8%) NM 5.2% 4.0% 8.9% 10.9%

Apptio, Inc. $16.81 668 (111) 557 3.5 3.1 2.6 NM NM 75.3 NM NM NM 24.2% 12.8% 16.1% NM NM 3.5%

Carbonite, Inc. $23.15 636 (3) 634 3.1 2.6 2.4 44.8 11.7 9.7 NM 30.2 23.7 51.5% 17.2% 9.7% 6.8% 22.4% 24.7%

Castlight Health, Inc. $4.30 561 (103) 458 4.5 3.4 2.7 NM NM NM NM NM NM 35.0% 31.3% 26.2% NM NM NM

Bazaarvoice, Inc. $4.88 411 (59) 352 1.7 1.7 1.6 NM 19.6 13.5 NM NM 38.3 2.2% 0.4% 5.3% NM 8.9% 12.2%

ChannelAdvisor Corporation $10.80 284 (62) 222 2.0 1.8 1.6 NM 32.3 20.4 NM NM 79.0 12.5% 9.5% 11.5% NM 5.5% 7.9%

Park City Group, Inc. $13.85 269 (10) 259 15.8 NA NA 74.1 NA NA NM NA NA 21.6% NA NA 21.3% NA NA

Amber Road, Inc. $9.48 256 8 265 3.6 3.2 2.9 NM NM 93.2 NM NM NM 9.0% 12.0% 13.3% NM NM 3.1%

Brightcove Inc. $6.60 225 (28) 197 1.3 1.3 1.2 NM NM 23.1 NM NM 97.1 11.6% 1.0% 7.0% NM NM 5.2%

Covisint Corporation $2.45 100 (33) 67 0.9 NA NA NM NA NA NM NA NA (10.4%) NA NA NM NA NA

Marin Software Incorporated $1.20 47 (30) 17 0.2 NA NA NM NA NA NM NA NA (8.0%) NA NA NM NA NA

Mean 8.0x 6.2x 5.0x 49.7x 36.0x 35.2x 59.3x 57.0x 49.4x 31.2% 24.2% 20.8% 16.3% 16.7% 17.0%

Median 7.6 6.1 4.9 45.2 32.3 26.8 58.1 60.2 49.9 26.0% 29.6% 24.3% 9.8% 6.9% 9.5%

1010







Business Intelligence & Analytics

Splunk Inc. $61.06 $8,449 ($1,003) $7,446 7.8x 6.2x 4.9x NM 54.9x 39.1x NM NM 81.8x 42.1% 26.3% 25.6% NM 11.3% 12.7%

Tableau Software, Inc. $63.77 4,973 (955) 4,019 4.9 4.6 4.2 NM 77.1 55.3 NM NM NM 26.5% 6.2% 8.7% NM 5.9% 7.6%

Fair Isaac Corporation $142.41 4,410 510 4,920 5.5 5.2 4.9 23.8 20.0 18.0 35.9 27.6 23.2 6.1% 4.6% 6.5% 23.0% 26.1% 27.3%

Teradata Corporation $29.12 3,811 (603) 3,208 1.4 1.5 1.5 8.4 8.8 8.7 30.7 22.9 22.2 (8.2%) NM (1.0%) 16.4% 17.4% 17.7%

Verint Systems Inc. $39.10 2,451 406 2,857 2.7 2.5 2.4 29.3 11.1 10.0 NM 14.4 12.8 (6.0%) 7.3% 5.9% 9.2% 22.6% 23.7%

Cloudera, Inc. $18.25 2,393 (222) 2,172 8.3 6.2 5.0 NM NM NM NM NM NM 57.2% 33.3% 26.0% NM NM NM

MicroStrategy Incorporated $188.48 2,157 (618) 1,539 3.0 3.0 2.9 13.3 11.3 10.0 23.9 25.6 24.9 (3.3%) 1.7% 3.0% 22.6% 26.2% 28.8%

Alteryx, Inc. $21.49 1,254 (164) 1,089 12.7 8.9 6.5 NM NM NM NM NM NM 59.4% 43.5% 35.9% NM NM NM

Hortonworks, Inc. $12.54 803 (83) 719 3.9 3.0 2.4 NM NM 11.0 NM NM NM 51.3% 29.5% 26.6% NM NM 21.6%

Gridsum Holding Inc. $8.21 244 (13) 231 4.0 2.5 1.6 NM NM 6.1 NM NM 10.4 59.4% 58.2% 60.1% NM 1.8% 26.0%

Datawatch Corporation $10.60 127 (29) 98 3.1 2.7 NA NM NM NA NM NM NA 4.4% 15.7% NA NM NM NA

Attunity Ltd. $7.25 123 (12) 111 2.0 1.8 1.5 NM 20.5 17.2 NM 60.4 27.9 13.1% 15.1% 15.9% NM 8.6% 8.8%

Mean 4.9x 4.0x 3.4x 18.7x 29.1x 19.5x 30.2x 30.2x 29.0x 25.2% 21.9% 19.4% 17.8% 15.0% 19.4%

Median 4.0 3.0 2.9 18.5 20.0 11.0 30.7 25.6 23.2 19.8% 15.7% 15.9% 19.5% 14.4% 21.6%

Vertical

Cerner Corporation $65.38 $21,603 $18 $21,622 4.6x 4.1x 3.8x 16.4x 12.7x 11.5x 35.3x 26.1x 23.5x 8.2% 10.8% 7.8% 27.9% 32.8% 33.3%

Constellation Software Inc. $529.30 11,217 (125) 11,092 5.2 4.6 4.1 27.2 17.8 15.6 54.2 24.2 21.1 15.6% 12.7% 13.4% 19.2% 26.0% 26.1%

Veeva Systems Inc. $63.17 8,828 (664) 8,164 15.0 12.2 10.2 67.0 38.4 31.7 NM 76.2 63.3 32.9% 23.1% 19.6% 22.4% 31.8% 32.1%

SS&C Technologies Holdings, Inc. $39.59 8,077 2,336 10,412 7.0 6.2 5.9 20.3 15.1 13.7 61.9 20.4 18.2 48.1% 13.2% 5.3% 34.7% 41.1% 43.0%

athenahealth, Inc. $155.93 6,226 209 6,435 5.9 5.3 4.6 60.1 24.0 20.1 NM 82.5 64.6 17.1% 13.0% 13.7% 9.9% 21.9% 22.9%

Guidewire Software, Inc. $71.05 5,285 (477) 4,807 10.7 8.8 7.5 NM 37.9 29.6 NM 82.8 61.9 13.6% 21.6% 17.4% 4.3% 23.2% 25.3%

Medidata Solutions, Inc. $74.78 4,356 (96) 4,260 9.2 7.7 6.5 65.0 31.3 25.2 NM 58.4 49.7 18.1% 19.5% 18.4% 14.1% 24.6% 25.7%

Blackbaud, Inc. $89.56 4,204 342 4,546 6.2 5.8 5.3 36.5 24.0 21.5 NM 42.0 37.5 14.6% 7.8% 8.8% 17.1% 24.0% 24.7%

Ellie Mae, Inc. $109.89 3,744 (393) 3,351 9.3 7.6 6.2 45.7 23.2 17.4 95.6 58.0 44.5 41.9% 21.8% 23.1% 20.3% 32.9% 35.8%

CoreLogic, Inc. $43.40 3,673 1,485 5,158 2.6 2.8 2.7 12.3 11.1 10.3 35.3 19.0 16.8 27.8% NM 3.3% 21.5% 25.2% 26.3%

RealPage, Inc. $39.15 3,237 61 3,298 5.8 5.0 4.4 40.5 20.4 16.5 NM 42.6 34.6 21.3% 15.7% 14.3% 14.3% 24.6% 26.7%

Allscripts Healthcare Solutions, Inc. $12.10 2,196 1,224 3,419 2.2 2.0 1.9 22.5 9.8 9.0 NM 19.6 17.1 11.8% 10.8% 5.8% 9.8% 20.3% 20.9%

WebMD Health Corp. $55.19 2,002 11 2,014 2.9 2.8 2.7 10.7 8.5 8.2 28.1 26.9 26.7 10.8% 2.2% 2.8% 26.7% 32.9% 33.1%

Inovalon Holdings, Inc. $12.95 1,891 (274) 1,616 3.8 3.6 3.4 21.8 15.1 13.5 72.1 43.3 37.0 (2.2%) 4.3% 8.0% 17.3% 24.0% 24.9%

AppFolio, Inc. $35.30 1,195 (27) 1,168 11.1 8.5 6.7 NM 67.1 46.0 NM NM NM 40.8% 30.8% 26.1% NM 12.6% 14.6%

Instructure, Inc. $30.90 894 (38) 855 7.7 5.6 4.3 NM NM NM NM NM NM 51.5% 36.8% 30.3% NM NM NM

HealthStream, Inc. $26.01 829 (116) 714 3.2 2.8 2.6 33.9 20.1 16.4 NM NM 85.5 8.1% 11.1% 11.3% 9.3% 14.2% 15.6%

Silver Spring Networks, Inc. $10.97 583 (117) 467 1.5 1.6 1.4 NM 48.0 14.2 NM NM 37.7 (36.5%) NM 12.7% NM 3.2% 9.7%

Castlight Health, Inc. $4.30 561 (103) 458 4.5 3.4 2.7 NM NM NM NM NM NM 35.0% 31.3% 26.2% NM NM NM

Exa Corporation $13.49 201 (25) 177 2.4 2.3 2.1 39.5 28.7 17.7 NM NM NM 10.9% 5.7% 11.5% 6.2% 8.0% 11.7%

Mean 6.0x 5.1x 4.4x 34.6x 25.2x 18.8x 54.6x 44.4x 40.0x 19.5% 16.2% 14.0% 17.2% 23.5% 25.1%

Median 5.5 4.8 4.2 33.9 21.8 16.4 54.2 42.3 37.2 16.4% 13.1% 13.0% 17.2% 24.3% 25.5%


1111Notes:

Source: Capital IQ as of 07/21/2017. Consensus Estimates used for CY2017E figures.

Estimates for COVS, MRIN and PCYG are not available.

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1212

Select Software M&A Transactions

RECENT ACQUISITIONS

($MM)

Announced Enterprise EV / Revenue EV / EBITDA

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

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

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

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

contract management and spend analysis

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

integration and backup

7/5/17Infrastructure

Management$55 1.0x NA NA NA

Provides enterprise IT automation and workspace management software to businesses. Features include IT store

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

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

management services for businesses

6/14/17 Hosted Services $135 2.2x 2.2x NM 147.7x Operates as a domain name registry and provides domain name services to consumers and businesses

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


Management$260 NA NA NA NA

Provides transaction and payment processing software, SaaS and services for businesses. Also provides related in-store

payment terminals


Management$1,125 NA NA NA NA

Provides enterprise SQL Server administration, performance management, backup and recovery, and compliance software.

Also provides Windows PowerShell interactive development environment (IDE) software

5/30/17 Application Software $533 5.5x 4.7x NM NMProvides sales performance and compensation management, analytics and planning software as a service (SaaS) for

businesses

5/26/17

Asure Software Inc. iSystems LLC

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

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

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

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


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

5/1/17 Enterprise Networking $610 24.4x 15.3x NA NAProvides cloud-based WAN virtualization software that enables businesses to build unified carrier agnostic WAN and network

infrastructures that connect them to their facilities, users and applications

( )

( )

( )

( )

( )

Notes:Source: Capital IQ and Wall Street Estimates. Reflects M&A activity through 07/21/2017, where Enterprise Value is > $50MM.Transactions highlighted in yellow denote Private Equity Acquirers.

1313


RECENT ACQUISITIONS

($MM)



5/1/17 Information Management $344 1.7x 1.7x 69.1x 15.1xProvides social media-based team collaboration and social media monitoring and marketing software as a service (SaaS) for

businesses

4/28/17Marlin Equity

PartnersTangoe Mobility $270 NA 1.1x NA 10.3x

Provides telecom expense management, network provisioning, M2M and mobile device management software and SaaS for

businesses. Also provides related business process outsourcing (BPO) services

4/25/17 Security $230 2.3x 1.8x 23.0x NAOffers cloud-based APIs and SDKs to help prevent registration fraud, reduce the risk of account takeover and authenticate end

users across account lifecycles

4/25/17 Application Software $75 1.9x NA NA NA

Provides networked business intelligence (BI) analytics and reporting SaaS for businesses. Software also provides features for

data processing and aggregation, data warehouse automation, and the reporting and analysis of CRM, sales and supply chain

analytics

4/12/17 Application Software $120 NA NA NA NAProvides channel data management SaaS for the consumer electronics sector globally. Software enables companies to

intelligently manage global indirect channel sales and inventory data, as well as increase channel visibility


Provides customer relationship management (CRM) SaaS that tracks and logs all telephone, text, chat and email-based

communications for healthcare markets. Also provides customer analytics software and a directory of healthcare insurance

plans

4/3/17 Application Software $50 NA NA NA NAProvides scholarship management SaaS for K-12 schools, universities and nonprofits. Software provides features for the

digital management, awarding, reporting and stewardship of academic awards for students

4/3/17 Application Software $73 4.8x NA NA NA Provides mathematical data analysis and modeling software to engineering and scientific research markets


Management$92 0.5x NA NA NA Provides trading software, collaborative data management and EDI software for the securities trading sector

4/3/17 Application Software $400 NA NA NA NAExperian's cross-channel marketing business, which provides marketing automation and email advertising SaaS and

outsourced BPO services for businesses and ad agencies worldwide

3/30/17 Security $366 NA NA NA NA

Operates as the Chinese division of NQ Mobile, which provides Android, Windows Phone, Symbian and BlackBerry smart

phone anti-virus and anti-malware software for businesses and consumers globally. Also provides mobile call blocking and

device optimization software


Management $200 6.3x 4.4x NA NA

Provides Web and mobile application testing software for enterprises. Features include website performance testing and

management, application load testing, and performance analytics

3/21/17 Application Software $270 NA NA NA NAProvides water resource and environmental management and simulation software to the utilities industry globally. Stantec

obtained ownership of Innovyze through the 2016 acquisition of MWH Global

3/20/17 Application Software $205 7.3x NA NA NAProvides investment portfolio business intelligence (BI) software for the investment and finance sector globally. Software

provides features for data management, portfolio performance analytics, risk management and reporting

3/7/17 Security $614 5.6x NA NA NA Provides automated application penetration and network vulnerability testing SaaS for enterprise software developers

( )

( )

(Tongfang InvestmentFund Series SPC)

(Bei jing Feiliu Jiutian Technology Co.)

(Cross -channel Marketing Division)


1414


RECENT ACQUISITIONS

($MM)



3/7/17 Application Software $317 5.3x NA NA NAProvides on-premise and cloud-based accounting and performance management software and SaaS, including budgeting,

planning, reporting and analytics, for businesses

2/28/17 Security $105 10.5x NA NA NAProvides behavior-based profiling SaaS for enterprises, enabling breach-detection and visibility into advanced or targeted

attacks, insider threats and malware that have circumvented traditional security controls

2/27/17 Application Software $290 8.1x NA 29.0x NAThe multi-family housing business and product portfolio of Rainmaker, which provides revenue budgeting, forecasting and

revenue cycle management software for multi-family real estate sectors

2/23/17 Enterprise Networking $325 5.4x NA NA NAProvides software-based domain name services (DNS), Dynamic Host Configuration Protocol (DHCP) and IP address

management SaaS for enterprises

2/23/17 Application Software $175 2.4x 2.3x 27.5x 20.3xProvides Web-based SaaS for the automation and management of performance appraisals, feedback, compensation

management, succession planning, job descriptions, learning management and recruiting for corporate HR departments

2/15/17 Application Software $102 1.3x NA NA NAProvides insurance policy and pharmacy claims processing software and SaaS for the insurance and pharmaceutical sector.

Also provides colocation, disaster recovery, managed hosting and systems integration services

2/14/17 Application Software $59 1.9x 1.6x NM 10.7x Provides wealth management and ERP and transaction processing SaaS for the investment and finance sector globally

2/9/17 Nokia Corporation Comptel Corporation Carrier Infrastructure $373 3.5x 3.1x 29.6x 17.5xProvides network management and operational support system (OSS) software and related managed services for telecom

service provides globally

2/8/17 Sophos Invincea Security $120 12.2x NA NA NAProvides endpoint security software for small businesses and enterprises in the healthcare, financial services and

government industries

2/2/17 Hexagon ABMSC Software

CorporationApplication Software $834 3.6x NA NA NA Provides motion control, dynamics and acoustical vibration simulation and modeling software for businesses

2/1/17 Fingerprint Cards AB Delta ID Inc. Security $120 NA NA NA NA Provides iris recognition biometric systems for use in mobile devices and automobiles

1/31/17 Storage $67 NA NA NA NAProvides on-site, hosted and cloud-based back-up and recovery, data protection and replication software for use in disaster

recovery for businesses

1/27/17 Application Software $128 NA NA NA NA Provides K-12 education assessment management software for schools and educators

1/25/17 Application Software $1,400 NA NA NA NA

Provides electronic medication prior authorization software for pharmacies, healthcare providers, and pharmaceutical

companies. Software is integrated into electronic health records so that healthcare providers and doctors can provide

electronic authorization


Management $3,903 18.9x NA NM NA

Provides application performance management (APM) SaaS and mobile applications, enabling the monitoring and

troubleshooting of applications, extensions, plugins, databases, and servers for businesses. Also provides related analytics

reporting software

( )

( )

( )

(Multi-Family Housing Business)

( )


1515


RECENT ACQUISITIONS

($MM)



1/20/17 Hosted Services $84 NA NA NA NAProvides domain name registration and related services to corporate and consumer website owners. Related services include

web hosting and an auction service for website domain name resellers

1/19/17 Application Software $800 4.6x NA NA NAProvides project and portfolio management SaaS and related systems integration services for enterprises. Software includes

features for plan design, agile project portfolio management and cost analysis and control

1/17/17 Storage $650 6.5x NA NA NA

Provides backup and recovery storage systems and storage management software for businesses. Storage systems feature

virtual machine (VM) level management, in-line de-duplication and compression of data, including backup copies of VMs that

can be replicated to secondary datacenters

1/9/17 Information Management $425 NA NA NA NAProvides social collaboration online software for enterprise employees and consumers. Software allows employees and

consumers to create "boards" where members collaborate to complete tasks for a project

1/4/17 Application Software $134 19.1x 7.0x NA NAProvides health benefits management SaaS for businesses. Software provides features for financial management, customized

health benefit plans, and data and analytics reporting

12/23/16 Application Software $53 NA NA NA NAProvides cloud-based global import and export trade reference software and an online database of analysis content, cargo

details and related company profiles for businesses at www.datamyne.com

12/20/16 Application Software $67 NA NA NA NA Provides client reporting software and services for the investment and financial services sectors globally

12/20/16 Security $560 NA NA NA NAProvides digital rights management SaaS for businesses and content producers, as well as an online digital music and video

content recognition database for consumers and the entertainment sector


Provides insurance policy administration and management software as a service (SaaS) and on-premise for property and

casualty insurance companies. Features include claims management, billing and document management. Also provides

related services

12/19/16 Mobility $67 NA NA NA NADesigns and develops graphical user interfaces (GUI) for mobile phones and automotive displays, to automotive and other

embedded display manufacturers

12/13/16 Application Software $130 NA NA NA NAThe vendor management software and related assets of Beeline, which provides vendor management systems (VMS) for

businesses globally. Software provides spending management, procurement cycle automation and quality control monitoring

12/12/16 Application Software $60 NA NA NA NAProvides on premise and cloud-based channel and contract management software for businesses in the life sciences industry.

Software provides features for revenue management, contract lifecycle management and performance analytics reporting

12/9/16 Security $850 4.0x NA NA NAThe identity management business of 3M, which consists of 3M Cogent, a biometric identification system, and 3M's

document reader and secure materials systems and software

12/7/16 Application Software $850 NA NA NA NASungard's public sector business, which provides ERP administration SaaS for government and public safety entities and the K-

12 business, provides cloud-based administration and student management software for K-12 educators

12/6/16

Hosted Services /

Managed Security

Services

$1,800 2.6x NA 29.4x NAProvides network and wireless network IT security auditing, compliance and penetration testing services for businesses and

government agencies globally

( )

( )

(Public Sector & K-12 Education Businesses)/

(Identity Management Business)

)(

( )

( )

( )

( )


1616


RECENT ACQUISITIONS

($MM)



12/6/16 Application Software $2,800 NA 5.2x NA 14.0xProvides ERP, HR management, CRM and project management software, SaaS and systems integration services, for

government contractors, professional services firms and other project-based businesses

12/6/16 Information Management $856 2.9x 2.7x 42.8x 13.5xProvides team collaboration SaaS enabling businesses globally in the life science, financial, oil and gas, technology and

manufacturing industries to securely exchange documents and sync files

12/2/16 Application Software $65 6.5x NA NA NA Provides IoT predictive analytics, data mining and event processing software and SaaS for businesses


Management $636 5.1x NA NA NA

Provides IT process automation and job scheduling software for businesses globally. Applications manage file transfers,

virtual machine provisioning, application release management and error identification and remediation

11/30/16 Information Management $112 2.2x NA NA NAProvides enterprise data quality SaaS for business. Software provides features for data analysis, profiling, validation and

cleansing for businesses operating in the retail, insurance, healthcare and financial industries

11/29/16 Application Software $190 3.8x NA NA NA Provides online advertising campaign management and ad-serving SaaS for businesses

11/20/16 Security $2,362 3.6x 3.3x 50.0x 24.0x Provides online identity theft and credit rating monitoring software for consumers and businesses in the US

11/15/16 Information Management $153 NA NA NA NAProvides Industrial Internet of Things (IIoT) data integration automation and analytics SaaS for businesses in the energy,

aviation and manufacturing sectors

11/14/16 Application Software $915 10.2x NA NA NA Provides field service and contract management SaaS and mobile applications for service-oriented businesses and enterprises

11/10/16 Application Software $270 NA NA NA NA Provides asset and financial management SaaS to businesses and investors in the global aviation industry

11/8/16 Application Software $300 7.9x NA 16.7x NA

Provides SAP-based project, plant and asset management ERP software for enterprises. Software provides features for

scheduling, project planning, workforce management and analytics reporting, accessible on desktop systems and mobile

devices

All Software

Median 4.6x 3.1x 28.3x 15.1x

Mean 5.6x 4.1x 32.2x 30.3x

PE Acquirers

Median 5.0x 2.3x 27.5x 15.1x

Mean 4.5x 3.0x 36.9x 15.2x

( )

( )


1717

RECENT PRIVATE FINANCINGS

Notes:Source: Pitchbook. Reflects deal activity through 07/21/2017. Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $20MM.

($MM)

Deal Date CompanyAmount

Raised Brief Description Investors

7/24/17 Rimilia $25 Developer of cash allocation software. Eight Roads Ventures, Kennet Partners

7/21/17 Borrowell $43Developer of an online lending platform designed to offer personal loans and free credit

scores.White Star Capital, Equitable Group, Portag3 Ventures

7/21/17 Betterment $70 Provider of an online investment platform intended to offer financial advisory services. Bessemer Venture Partners, Francisco Partners, Kinnevik, Menlo Ventures

7/20/17 Receipt Bank $50Developer of a bookkeeping automation software designed to automatize small business

bookkeeping. Insight Venture Partners

7/20/17 PebblePost $47

Provider of digital-to-direct mail platform designed to transform real-time online activity

into personalized, dynamically rendered direct mail delivered to postal hubs within 12 to 24

hours.

RRE Ventures, Greycroft Partners, Tribeca Venture Partners

7/20/17 Dynamic Yield $31 Developer of software systems for maximizing Web-traffic monetization. Baidu, Cerca Partners, ClalTech, Deutsche Telekom Capital Partners, Emerge, Global Founders Capital, La Maison

Investments, Vertex Ventures Israel, Bessemer Venture Partners, Innovation Endeavors, Marker

7/20/17 Acorns $40Developer of mobile application designed to offer automatic sync of credit card information

and make investments. Bain Capital Ventures, Greycroft Partners

7/19/17 Pendo $25Provider of a cloud-based product experience platform designed to increases trial

conversions and accelerates time to value.

Meritech Capital Partners, Battery Ventures, Contour Venture Partners, Core Capital Partners, IDEA Fund Partners,

Salesforce Ventures, Spark Capital

7/19/17 Nauto $159 Provider of an online traffic monitoring device. General Motors, Greylock Partners, SoftBank Group, Allianz Ventures, BMW i Ventures, Draper Nexus, Playground Global,

Toyota Research Institute

7/19/17 Kahoot $20Provider of a game-based learning platform designed to help teachers create tailored

quizzes and exams.Creandum, Microsoft Ventures, Northzone Ventures

7/18/17 SpotHero $30Developer of an on-demand mobile parking application designed to offer easy parking

facilities.

AutoTech Ventures, Corazon Capital, Daniel Hoffer, Global Founders Capital, Levy Family Partners, Math Venture

Partners, Sam Yagan, Bullpen Capital, Chicago Ventures, Draper Associates, Insight Venture Partners, OCA Ventures,

Pritzker Group Venture Capital

7/18/17 NewStore $50 Provider of an online order and workflow automation tool and platform. Stephan Schambach, Activant Capital Group, General Catalyst Partners

7/18/17 FreshBooks $43Developer of a cloud-based small business accounting software designed to make online

invoicing easy and secure. Accomplice VC, Georgian Partners, Oak Investment Partners

7/18/17 Capital.com $25Developer of an artificial intelligence based trading software created to trade in financial

instruments with their mobile devices.Larnabel Ventures, VP Capital

7/18/17 Alation $23Developer of an enterprise collaborative data platform designed to empower employees

inside data-driven enterprises to find, understand and use the right data. Harmony Partners, Icon Ventures, Costanoa Venture Capital, Data Collective

1818



($MM)



7/17/17 Particle $20Provider of an Internet of Things (IoT) platform created to help businesses connect and

manage their connected devices. Qualcomm Ventures, Spark Capital

7/17/17 Artsy $50 Provider of an online platform for collection of contemporary art for art lovers.Avenir Growth Capital, Greg Maffei, Joe Gebbia, Robert Pittman, Shumway Capital Partners, Dasha Zhukova, L Catterton,

Larry Gagosian, Richard Barton, Rockefeller family, Sky Dayton, Thrive Capital, Wendi Murdoch

7/14/17 VistaraIT $20 Developer of a SaaS platform created to manage modern IT operations. NA

7/14/17Assent (Compliance

Management)$31

Developer of compliance management software designed to help organizations collect data

and stay in compliance with local and international regulations.

Greenspring Associates, Business Development Bank of Canada, National Research Council Canada, OpenText Enterprise

Apps Fund, Royal Bank of Canada, Volition Capital

7/13/17 CellSavers $20Provider of an in-home repair and installation platform intended to verify repairs and

support for smart device. Red Dot Ventures, Carmel Ventures, Sequoia Capital Israel

7/12/17 Zhenkunhang $53Operator of an industrial products distribution platform created to offer one-stop MRO

purchasing and management services. Eastern Bell Venture Capital, Shenzhen Cowin Venture Capital Investments

7/12/17 Rover $65Operator of a pet-sitter network developed to connect pet owners with dog walkers and

sitters.

Alpha Venture Partners, Bespoke Management, Spark Capital, StepStone Group, Foundry Group, Madrona Venture

Group, Menlo Ventures, OMERS Ventures, Technology Crossover Ventures

7/12/17 Revolut $66 Provider of mobile foreign exchange services designed to help in global money transfer. Balderton Capital, Index Ventures (UK), Ribbit Capital

7/12/17 Quantitative Brokers $24Provider of advanced algorithms and data-driven analytics to clients in the futures and US

cash treasury markets. Centana Growth Partners

7/12/17 Flashpoint (threat intelligence) $28Provider of a business risk intelligence platform intended to empower intelligent decision

making. Georgian Partners, Bloomberg Beta, Cisco Investments, Greycroft Partners, Jump Capital, Leaders Fund, TechOperators

7/12/17 Deep Instinct $32Provider of cyber security for mobile and endpoints by applying deep learning designed to

protect against the most evasive unknown malware in real-time. Coatue Management, Nvidia, Columbus Nova Technology Partners

7/11/17 Lastline $29Developer of an enterprise security platform designed to detect and defend advanced

malware in network.

Barracuda Networks, NTT Finance, Osage University Partners, Thomvest Ventures, WatchGuard Technologies, Redpoint

Ventures

7/11/17 HyTrust $36Provider of a cloud security software designed to automate compliance and enforce security-

based policies across private and public clouds.

Advance Venture Partners, Cisco Investments, EPIC Ventures, Fortinet, Intel Capital, Sway Ventures, Trident Capital,

Vanedge Capital, VMware

7/11/17 Gong (Software) $20Provider of a sales conversation intelligence platform created to improve calls and demos

for sales teams.Next World Capital, Wing Venture Partners, Norwest Venture Partners, Shlomo Kramer

7/10/17 TruMid $28Provider of an electronic credit trading platform created to unlock liquidity for institutional

clients. CreditEase, DB1 Ventures

1919



($MM)



7/10/17 StashInvest $42Developer of a mobile investment application designed to empower investors and provide

access to financial opportunities. Coatue Management, Breyer Capital, Goodwater Capital, Valar Ventures

7/10/17 Darktrace $75Provider of cyber threat defense systems designed to detect and respond to previously

unidentified threats. Insight Venture Partners, Kohlberg Kravis Roberts, Summit Partners, Ten Eleven Ventures

7/10/17 CompareAsiaGroup $50Provider of a financial comparison platform designed to offer information on personal

finance.

Alibaba Entrepreneurs Fund, H&Q Asia Pacific, International Finance Corporation, SBI Holdings, ACE & Company,

Goldman Sachs Investment Partners, Nova Founders Capital, Route 66 Ventures

7/5/17 Droom $20Operator of an online automobile marketplace designed to make buying and selling

automobiles easy, quick and trusted. Beenext Ventures, Beenos Asia, Digital Garage, Integrated Asset Management, Lightbox

7/3/17 UrbanClap $21Provider of a platform for finding local service professionals designed to expand service

businesses. Vy Capital, Accel, Bessemer Venture Partners, SAIF Partners

6/30/17 Kinetica $50 Provider of GPU-accelerated relational database designed to run applications much faster. Canvas Ventures, Citi Ventures, Meritech Capital Partners, Raymond Lane

6/28/17 Platform9 $22Provider of an open source-as-a-service platform designed to help companies manage their

cloud software deployments. Canvas Ventures, Hewlett Packard Enterprise, Redpoint Ventures

6/27/17 Sumo Logic $75

Provider of cloud-based machine data analytics service designed to deliver real-time

continuous intelligence from structured, semi-structured and unstructured data across the

entire application life-cycle and stack.

Sapphire Ventures, Accel, DFJ Growth, Greylock Partners, IVP, Sequoia Capital, Sutter Hill Ventures

6/27/17 SiteHands $25

Provider of information technology field services through a unique two-sided platform

which provides orchestration and simplification with end-to-end accountability and

continuous optimization.

FTV Capital

6/27/17 Riskified $33Developer of an e-commerce fraud-prevention technology designed to turn fraud

management into a growth engine for online retailers.

C4 Ventures, Capital One Growth Ventures, Groupe Arnault, Pascal Cagni, Pitango Venture Capital, Genesis Partners,

Phoenix Insurance Company, Qumra Capital

6/27/17 Resolver $20 Provider of enterprise governance, risk and compliance software services. Klass Capital

6/27/17 DiffBlue $22 Developer of an automated testing software designed to improve code testing. Goldman Sachs Principal Strategic Investments, Oxford Investment Consultants, Oxford Sciences Innovation

6/27/17 CloudHealth Technologies $46Provider of cloud-management software to develop a service that complements, not

displaces, the existing infrastructure. Kleiner Perkins Caufield & Byers, Meritech Capital Partners, .406 Ventures, Sapphire Ventures, Scale Venture Partners

6/27/17 Catalant Technologies $41 Provider of an online talent network designed to streamline access to expertise. Mark Nunnelly, Bob Doris, GE Ventures, General Catalyst Partners, Greylock Partners, Highland Capital Partners, Mark

Cuban, Scott Cook, The Kraft Group

6/27/17 Auth0 $30Developer of a cloud based Identity as a Service platform designed to integrate directly,

manage identity and authentication into cloud platforms.

Meritech Capital Partners, NTT Docomo Ventures, Telstra Ventures, Bessemer Venture Partners, K9 Ventures, Trinity

Ventures

2020



($MM)



6/26/17 SparkCognition $33Provider of a data-driven cognitive computing analytics platform designed to harness real-

time sensor data. Boeing HorizonX, Verizon Ventures

6/26/17 Fintonic $28Developer of a mobile financial management platform designed to make personal finances

available to all the public.ING Group, Premier Specialty Network

6/26/17 Big Switch Networks $21Provider of open source software-defined networking products designed to disrupt the

status quo of networking by designing intelligent, agile and flexible networks. NA

6/22/17 Dafengshou $29Operator of an agriculture e-commerce platform intended to provide assistance and

products to increase agricultural productivity. China Growth Capital, Orchid Asia Group Management, Matrix Partners China

6/22/17 Blockchain $40 Provider of a digital assets platform designed to improve financial systems.Digital Currency Group, GV, Lakestar, Nokota Management, Lightspeed Venture Partners, Mosaic Ventures, Prudence

Holdings, Richard Branson, Virgin.com

6/21/17 Cybereason $100Developer of SaaS endpoint detection and cyber-security technology designed to protect

companies from highly advanced attacks. SoftBank Group

6/21/17 FloQast $25Developer of a cloud-based close management software designed to address the

inefficiencies and repetitive processes common to the month-end close. Insight Venture Partners, Polaris Partners, Toba Capital

6/21/17 Omnispace $30Provider of a novel global hybrid communications platform intended to help connect

people, businesses, and communities worldwide. NA

6/21/17 Samsara $40Developer of large-scale wireless sensor systems designed to make it easy to deploy sensors

and analyze their data. General Catalyst Partners, Andreessen Horowitz

6/21/17 Textio $20 Provider of an augmented writing platform designed to offer highly effective job listings. Scale Venture Partners, Bloomberg Beta, Cowboy Ventures, Emergence Capital Partners, Upside Partnership

6/20/17 Aera Technology $50 Developer of a self-driving supply chain for businesses designed for self-driving enterprise. New Enterprise Associates

6/19/17 fuboTV $55Provider of an online video streaming platform for sports designed to let sports fan catch up

on their favorite sports league or team. Northzone Ventures, Scripps Networks Interactive, 21st Century Fox, Sky Startup Investments & Partnerships

6/19/17 Hero K12 $150Developer an provider of an education software designed to create a positive school climate

and culture.BV Investment Partners

6/16/17 ClassPass $70Provider of a subscription-based fitness membership created to engage and adapt to

people's fitness needs.M13, Temasek Holdings

6/16/17 Entelo $20Developer of a SaaS recruitment platform designed to help companies identify and recruit

technical talent.Correlation Ventures, US Venture Partners, Battery Ventures, Shasta Ventures

2121



($MM)



6/16/17 Mychebao $174Operator of an used-car online auction platform created to simplify the car-trading

experience in China. Pacific Alliance Group, The Belt & Road Fund, Youjin Capital

6/15/17 Conviva $40Developer of an intelligent control platform designed to power every internet-connected

screen with engaging viewing experiences.Australia Future Fund, Foundation Capital, New Enterprise Associates, Time Warner Investments

6/15/17 Mobike $600 Provider of a bike sharing platform in China designed to allow users to locate nearby bikes.BoCom International, Farallon Capital Management, ICBC International, Hillhouse Capital Group, Sequoia Capital,

Tencent, TPG Capital

6/15/17 Scopely $60 Developer and publisher of mobile social applications. Cross Creek Advisors, Greenspring Associates, Pritzker Group Venture Capital, Revolution Group, Sands Capital Ventures

6/14/17 Top Hat $30Provider of a web based classroom response platform designed to connect professors with

students.

Leaders Fund, Union Square Ventures, Emergence Capital Partners, Georgian Partners, Golden Venture Partners, iNovia

Capital, SoftTech VC, Version One Ventures

6/13/17 Fusion Risk Management $41 Provider of risk management and contingency planning services. Catalyst Investors, Level Equity

6/13/17 QingCloud $158 Provider of cloud computing services intended to effectively simplify computing resources.China International Capital Corporation, China Merchants Capital, China Merchants Securities, China Oceanwide Holdings

Group, Riverhead Capital, BRV Aster and Lotus, Lightspeed Venture Partners China

6/13/17 Rokt $26Developer of a digital transaction marketing platform designed to help performance

marketers engage with and acquire customers at scale.Moelis Australia, Time, Greg Roebuck, John Ho, Lachlan Murdoch, Square Peg Capital

6/12/17 Alto Pharmacy $23 Developer of a digital pharmacy platform designed to simplify medication access. Craig Sherman, Daniel Kan, Greenoaks Capital, Jackson Square Ventures, Justin Kan, Rahul Mehta

6/9/17 Upside Travel $100Operator of a business travel platform designed to provide rewards in the form of gift cards

in exchange for travelers flexibility.Vista Equity Partners

6/8/17 Addepar $140Developer of an investment management platform designed to make investing more data-

driven, transparent and impactful.8VC, Harald McPike, Valor Equity Partners

6/8/17 Algolia $53Developer of a hosted search platform designed to increase user engagement and

conversions.Clark Valberg, Des Traynor, Jyoti Bansal, Point Nine Capital, Accel, Alven Capital Partners, SaaStr

6/8/17 AvidXchange $300Provider of automating invoice and payment processes platform designed to provide

accounts payable and on-demand invoice management services.Caisse de dépôt et placement du Québec, MasterCard, Peter Thiel, Temasek Holdings

6/8/17 Coming Space $29 Provider of a space rental platform intended to serve young professionals across China. Neoglory Group

6/7/17 Plynk $28Provider of an instant money transfer application designed to offer an account and virtual

mastercard.Swiss Privée

2222

Recent Software IPO Pricings

SOFTWARE CAPITAL MARKETS UPDATE

Notes:Source: Capital IQ and Company filings.Market Data as of 07/21/2017.(1) First Trading Day listed as Offer Date.

($ M M )

Offer Date (1) Market Cap

@ IPO Date

Amount

Raised Pre IPO Filing Range Offer Price

% Change

Offer /

Midpoint Price

% Change

1st Trading Day /

Offer Price

% Change Current /

Offer Price

25-May-17 $787 $75 11.00 - 13.00 $12.00 - 25.1% 71.1%

28-Apr-17 $2,318 $225 12.00 - 14.00 $15.00 15.4% 21.3% 21.7%

13-Apr-17 $1,146 $116 8.00 - 10.00 $11.00 22.2% 21.9% 24.6%

7-Apr-17 $2,134 $187 15.00 - 17.00 $17.00 6.3% 38.3% 42.8%

24-Mar-17 $873 $126 12.00 - 14.00 $14.00 7.7% 10.7% 53.5%

17-Mar-17 $3,118 $221 14.00 - 16.00 $17.00 13.3% 45.6% 53.5%

Name

23Notes:Sources: Capital IQ, company filings.Market Data as of 07/21/2017.

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

195

158

(5)

(4)

(6)(9) (6)

(7)

(8)

(9)

(4)

(7)

(11)

(8)(11)

(9)

(6)

(10)

(12)

(5)

6

11

717

1617

11

9

6

150

160

170

180

190

200

210 PE Acquisitions Strategic Acquisitions IPO

2008 2009 2010 2011 20152012 2013 2014 2016

FortinetCDC Software

LogMeInMedidata

SolarWindsRosetta Stone SciQuest

RealPageIntraLinksEnvestnet

Qlik BroadSoft

Higher One Convio

SPS CommerceSS&C

QuinStreet

JiveImperva

CarboniteTangoe

ResponsysCornerstone

Epocrates

WorkdayFleetmatics

QualysEloquaE2open

ServiceNowExa

IncadeaInfloblox

ProofpointSplunk

ExactTargetDemandwareBazaarvoiceGreenway

AVGGuidewire

MavenirBarracudaWix.comCovisint

RingCentralFireEyeCvent

Gigamon Textura

ChannelAdvisorMarketoTableauHalogen

RallyMarin

Model N

WorkivaHortonworks

New RelicHubSpotCyberArk

MobileIronKinaxis

ZendeskPaycom

OPOWERFive9

2UBorderfree

Amber RoadA10 Networks

PaylocityVaronis Systems

AtlassianMimecast

InstructureRapid7Sophos

AppFolioAlarm.Com

XactlyShopifyApigee

Box

TwilioSecureWorks

TalendEverbridge

Apptio Gridsum Holding

NutanixCoupa

BlackLine, Inc.

2017

MulesoftAlteryx

OktaYext

ClouderaAppian

2009 2010 2011 2012 2013 2014 2015 2016 2017

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

Strategic Exits - 7 - 11 - 8 - 11 - 9 - 6 - 10 - 12 - 5

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

2424

0

200

400

600

800

1,000

$0

$2

$4

$6

$8

$10

$12

$14

Q2 2002 Q2 2003 Q2 2004 Q2 2005 Q2 2006 Q2 2007 Q2 2008 Q2 2009 Q2 2010 Q2 2011 Q2 2012 Q2 2013 Q2 2014 Q2 2015 Q2 2016 Q2 2017

Nu

mb

er o

f In

vest

men

ts

$B

n

Quarter - Year

Number of Deals Investment Amount

TMT Transactions Since Q2 2002

VENTURE CAPITAL INDUSTRY

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

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

(1)

2525

Deep Software Sector Expertise

GCA OVERVIEW

We Advised the Buyer

We Advised the Seller

Acquired by



Acquired by


Acquired by


Investment by


Acquired by

Acquired by

Acquisition of


Acquired by


Strategic Advisory Services

Financial Advisor


Acquired by

PreferredStock

Financial Advisor

Financial Advisor

Preferred Stock


Acquired by


Acquired by


Acquired by

PreferredStock

Financial Advisor

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


Acquired by


Acquired by

Acquired by


Convertible NoteOffering

Financial Advisor

Fairness Opinion to Buddy Media

Acquired by

Acquired by


Acquired by


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Acquired by


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Acquired by



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Acquisition of

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Acquired by

We Advised the SellerWe Advised the Seller

PreferredStock


Acquired by


Acquisition of


Acquired by

week of july 24, 2017 - gca advisors · 5 valuation and operational metrics trading comparables...

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