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Saas Market Overview

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Submitted By wazir
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Introduction to Centaur Partners
SaaS Market Overview

Centaur Partners
Mergers & Acquisitions, Private Placement Advisory, and Transaction Consulting
May 2015

CONFIDENTIAL – NOT FOR DISTRIBUTION

© 2015, Centaur Partners │Confidential |

Technology Market Overview
IT Storage
IT Infrastructure
NASDAQ Composite

IT Security
BigData

160

SaaS
Internet Digital Media

150
140
130
120

12%

110
100
90
80
5/7

6/7

7/7

8/7

9/7

10/7

11/7

12/7

1/7

2/7

3/7

4/7

IT Security

SaaS

Internet/Digital
Media

NASDAQ

Big Data

IT Infrastructure

43%

31%

25%

23%

6%

5/7

4%

Source: CapIQ 5/4/15 IT Security Index: AVG, SYMC, CHKP, FTNT, PANW, FIRE, IMPV, VDSI, PFPT, FEYE, QLYS
SaaS Index: CRM, N, ATHN, ULTI, JCOM, TRAK, BCOV, DWRE, GWRE, LOGM, CTCT, CSOD, LPSN, MKTG, VOCS, IL, TNGO, SPSC, SQI, ZIXI, ELLI, NOW, WDAY, MDSO, LOCK, FLTX, QLYS, RALY,
MKTO, MRIN, MODN
Big Data Index: EMC, TDC, INFA, MSTR, SPLK, DWCH, ATTUF, NTAP, SPLK, DATA, FIO, FALC
Internet & Digital Media: 66 companies
IT Infrastructure Index: VMW, CTXS, NTAP, CA, RHT, SWI, INFA, OTEX, CVLT, CPWR, QLIK, PEGA, MVSN, PRGS, JIVE, NTCT, BLOX, GUID, MGIC, FALC, FIO, GIMO, SSNI, CYNI, RALY

© 2015, Centaur Partners │Confidential │

2

Technology M&A Trends
Key M&A Statistics

Technology M&A – Transactions Since 2006

Number of Transactions

2,400
2,000

$165

1,600

1,441

$166

$150
1,281

1,216

1,200

$80
901

$83

$136
1,411

1,402

2,056
$177

200
160

1,448

120

$96

800

80

400

40

0

2007

2008

2009

2010

Number of Transactions

Volume

$160B

$80B

$80B

2011

2012

2013

0

2014

$140B

$135B

$166B $176.6

(1)

AT&T

Target

DIRECTV

Societe
Francaise de.

Whatsapp

Value

$65.2B

$21.9B

$19.4B

Buyer

(1)
(2)
(3)
(4)
(5)

Facebook

 Among the three sub–sectors, Telecommunications was still the leading sector with 89 deals valued at US$ 236.3B, the highest value on record, contributing 61.6% of the total of
TMT in the first six months of 2014. 3

 Global M&A volume reached $2.80T in the first 9 months of
2014, up 34% on $2.09T in the same 2013 period and the highest first nine month volume since 2007 ($3.59T)4
 Significant Technology transactions in US include:

Largest Technology Transactions 2014:
Bouygues
Telecom

 The aggregate value for technology M&A deals worldwide in the third quarter of 2014 set a new post–dotcom–bubble era record of US$73.7 billion, which is up 41% from Q2. 2
 In the third quarter of 2014 aggregate cross–border deal value increased 168% from the second quarter to US$32.7 billion. 1
 Global Technology, Media & Telecommunications (TMT)
M&A market saw deals worth US$ 383.4B in H1 2014 which is the highest half–year value record (since 2001), a 122% increase from H1 2013 (US$ 172.7B).2

 With 5 of the largest TMT deals being US–based, North
America had the highest contribution at 62% to global TMT
M&A activity 2

Value Global Technology M&A ($ in billions)

$100B

Value Global Technology M&A

 2014 has seen explosive TMT M&A activity

 AT&T’s acquisition of DirecTV for $67B
Nokia

Liberty Global

Vodafone

Alcatel-Lucent

Ziggo

Grupo
Corporativo

GVT

$16.6B

$10.8B

$10.0B

 Facebook acquired Whatsapp for $19B

$9.9B

Deallogic M&A Snapshot 12/24/14
EY analysis of The 451 Group Research M&A KnowledgeBase, 10/6/2014
Global H1 2014 TMT M&A Trend Report, 17 July, 2014
DealLogic : Global M&A Review – First Nine Months 2014, Oct 2014
FactSet : Cash and Investment Quarterly, December 2014

Telefonica

 Nokia acquired Alcatel-Lucent for $16.6B
 SAP acquired Concur for $7.3B
 Vista Equity acquired TIBCO for $4.3B in a highly leveraged deal  Of the top 10 companies with highest cash positions, 5 are tech companies: Microsoft, Google, Cisco, and Oracle 5

© 2015, Centaur Partners │Confidential │

3

Software Sector Forward Revenue Valuation Analysis
50%
40%
35%

30%
20%

31%
26%

25%

20%

27%

24%

32%

27%
20%

10%
0%

SaaS

Digital Media

IT Security

Mean 2015/2014 Growth

Big Data

IT Infrastructure

Mean 2014/2013 Growth

8.0x
7.0x

7.1x

6.0x

6.3x

5.0x
4.0x

5.4x

4.8x

6.2x

5.6x

3.0x

4.8x

4.5x

4.3x

3.8x

2.0x
1.0x
0.0x

SaaS

Digital Media

IT Security

Mean EV/2015 Revenue

Big Data

IT Infrastructure

Mean EV/2014 Revenue

Forward revenue valuation levels are lower today than a year ago
Source: CapIQ 5/05/15

© 2015, Centaur Partners │Confidential │

4

SaaS Market Valuation - 2015
TEV / Revenue
15.0x

Mean 4.8x

Median 4.2x

10.0x
5.0x
0.0x

EV / 2015 Revenue Multiple

Mean EV / 2015 Revenue Multiple

Median EV / 2015 Revenue Multiple

Revenue Growth & EBITDA Margin
80%

Median 22.4%

Median 14.4%

60%
40%
20%
0%

14-'15 Revenue Growth

2015 EBITDA Margin

Median '14-'15 Revenue Growth

Source: CapIQ 5/4/2015
*CP assumed growth rates for Box for years 2014 and
2015 based on SEC filings

Median '2015 EBITDA Margin

© 2015, Centaur Partners │Confidential │

5

SaaS Market Valuation - 2014
TEV / Revenue

Mean 6.3x
20.0x

Median 5.1x

15.0x
10.0x
5.0x
0.0x

EV / 2014 Revenue Multiple

Mean EV / 2014 Revenue Multiple

Median EV / 2014 Revenue Multiple

Revenue Growth & EBITDA Margin
300%
250%
200%
150%
100%
50%
0%

Median 26.4%

13-'14 Revenue Growth

Median 14.2%

2014 EBITDA Margin

Median '13-'14 Revenue Growth

Source: CapIQ 5/4/2015
*CP assumed growth rates for Box for years 2014 and
2015 based on SEC filings

Median '2014 EBITDA Margin

© 2015, Centaur Partners │Confidential │

6

Recent Notable Announcements - SaaS
 Product launches - new data-driven marketing capabilities in Adobe Marketing Cloud; Positioned as a Leader in Gartner Magic Quadrant for Digital Marketing Hubs
 Has $3.2B cash + st. invest.; Acquired Fotolia, a content marketplace to Creative Cloud; Aviary, a photo-editing platform for iOS, Android, Windows and HTML5
 Product launches - AWS Lambda, a compute service that runs developers’ code in response to events and automatically manages the compute resources for them
 Has $13.8B cash+st investments; Acquired ClusterK which provides cloud computing platform for high performance solutions; 2lemetry, which operates a IoT platform
 Product launches - Google Waze announced “Connected Citizens,” a new government partnership that will see both parties exchange data in order to improve traffic conditions
 Has $65.4B cash + st invest.; Google Cloud Platform for Startups, which will help eligible early-stage startups to take advantage of the cloud and get resources to quickly launch
 Product launches - HP Digital Customer Experience services for Oracle to help companies plan, build and manage customer experience business solutions
 Has $12.9B cash + st. invest.; Acquired Aruba Networks, a provider of access management, network infrastructure and mobility application solutions
 Product launches –12 new cloud centers in Europe, Asia and the Americas, to serve a growing roster of enterprise clients looking to move to hybrid cloud computing
 Has $8.8B cash + st invest.; Acquired CrossIdeas, a provider of identity and access governance solution, Silverpop, vendor of behavioral marketing solutions; Cloudant,
 Product launches - announced the U.S. general availability of Microsoft Azure Government and upcoming availability of Dynamics CRM Online for Government
 Has $88.7B cash+st invest.; Acquired LiveLoop, a PowerPoint plugin and hosted service that enables real-time cloud-based collaboration for PowerPoint users.
 Product launches - NetSuite for Android, the world’s first ERP Android OS application delivering rich ERP capabilities for mobile users to conduct business on the go
 Has $459.3M cash+st invest.; Acquired Bronto Software, provides a cloud based marketing platform; acquired Venda, a provider of e-Commerce solutions;
Product launches - Solution for project-driven supply chain to help customers improve project performance and profitability; released Primavera portfolio management version 9.1
 Has $43.8B cash+st invest.; Acquired DataLogix, a data broker and digital marketing solutions vendor; Front Porch, a vendor of content storage management solutions
 Product launches - Files Connect, a centralized, universal file-sharing solution; AppExchange Store Builder, for companies to quickly create fully customizable app marketplace
 Has $995.4M cash + st. invest.; Acquisitions include RelateIQ, provider of sales intelligence solutions; ExactTarget, provider of marketing solutions
 Product launches - Ariba Network to help companies fuel more agile, intelligent and collaborative supply chains; updated version of its People and Talent Benchmarking Survey
 Has $5.6B cash + st. invest.; Acquired Concur, a travel and expense (T&E) management SaaS major for $7.4B; acquired Ariba, a spend management SaaS vendor for $4.3B
 Product launches - new cloud management offerings including a significant update to VMware vRealize™ Suite 6, a cloud management platform built for the hybrid cloud
 Has $7.2B cash + st invest.; Acquired Immidio, develops point solutions to solve challenges encountered with virtualization technologies in Microsoft Windows environments
 Product launches - Workday Insight Applications, a new suite of applications to equip customers to make smarter financial and workforce decisions
 Has $1.9B cash + st invest; Ranked a leader in "Forrester Wave™: SaaS HR Management Systems, Q4 2014“; recently launched a major expansion program in Europe
Source: Capital IQ and Company websites 5/1/15

© 2015, Centaur Partners │Confidential │

7

M&A Activity of Selected SaaS Vendors
Number of Acquisitions since 2009

Selected Recent Acquisitions
Adobe
Fotolia, Aviary, Search Discovery, Neolane SA, Ideacodes, Thumb Labs, Behance, Efficient Frontier, Auditude,
Downstream Marketing, Nitobi, Typekit, COGLOBO GmbH, EchoSign,
Amazon
Clusterk, Shoefitr, 2lemetry, Annapurna Labs, GoodGame Agency, Rooftop Media, Twitch Interactive, Blindsight,
Iconology, Double Helix Games, TenMarks Education, Liquavista, Evi Technologies, Goodreads, Peritor Gmbh,
IVONA Software, UpNext Inc., Thomas Bouregy & Co., Kiva Systems, TeachStreet, Casa.com, Yap

Adobe
Amazon

Google
Athena Wireless Communications, Red Hot Labs, Softcard, Nimbuz, Launchpad Toys, Relative Wave, Firebase,
Input Factory, Lynx Design, ZYNC, Gecko Design, Jetpac, Tinker Square, Baarzo, drawElements, Songza Media,
Appurify, Alpental Technologies, Vicarious FPC, Skybox Imaging, Enterproid, Quest Visual, Stackdriver, Adometry,
Rangespan Ltd., Loom, Titan Aerospace Holdings, Green Throttle Games, Spider.io
HP
Mind Pirate, Aruba Networks, Voltage Security, Eucalyptus Systems, Shunra Software, Digital Risk, HIFLEX GmbH,
H3C Technologies, Palm, Autonomy Corp., Wyde Corp., Printelligent, Vertica Systems
IBM
Explorys, Phytel, AlchemyAPI, Lufthansa's IT Infrastructure Division, Lighthouse Security, Scopus Tecnologia,
Cognea, Silverpop Systems, Cloudant, Aspera, Associated Dexia Technologies, Fiberlink Communications, Xtify
Microsoft
Datazen Software, LiveLoop, N-Trig, Sunrise Atelier, Revolution Analytics, Equivio, Bit Stadium, Acompli, Aorato,
Mojang AB, Panasonic' Wireless Network Unit, InMage Systems, SAC Wireless, SyntaxTree, Medio Systems

Google
HP
IBM
Microsoft
NetSuite
Oracle

NetSuite
Bronto Software, TribeHR, OrderMotion, Element Fusion, Retail Anywhere, QuickArrow, OpenAir
Oracle
DataLogix Holdings, Front Porch Digital, TOA Technologies, MICROS Systems, LiveLOOK, GreenBytes, Blue Kai,
Corente, Responsys, Bitzer Mobile, BigMachines, Compendium Software, Tekelec, Nimbula, Acme Packet,
Eloqua, SelectMinds, Xsigo, Skire, Involver, Collective Intellect
Salesforce.com
Toopher, RelateIQ, Cloudconnect, Edgespring, ExactTarget, Entropysoft, Pasona Tquila, BlueTail, Golnstant,
Thinkfuse, ChoicePass, Buddy Media,Stypi, 2Catalyze, Model Metrics, Assistly, Confidato, Radian6 Technologies

Salesforc e SAP
VMware
Workday
0

20
2010

40
2011

60
2012

2013

80
2014

100
2015

120

SAP
Concur Technology, OpTier, SeeWhy, Fieldglass, Hyfiniti, KXEN, hybris AG, KMS Software, Camilion Solutions,
SmartOps, Ticket-Web GmbH, Ariba, Syclo, datango AG, LiftDNA, SuccessFactors, Crossgate AG, Right
Hemisphere, SAF AG, Sybase, Business Objects
VMware
Immidio B.V., MomentumSI, Continuent, CloudVolumes, Third Sky, Airwatch, Desktone, WaveMaker Software,
Virsto Software, Pattern Insight, Nicira, DynamicOps, Wanova, Cetas, PacketMotion, Digital Fuel Technologies
Workday
Identified, Cape Clear Software

© 2015, Centaur Partners │Confidential │

8

Private Placement Activity of Selected Large Technology Corporations
Selected Recent Acquisitions

Number of Acquisitions since 2010

Amazon
QwikCilver Solutions, Wikia, Shanghai Yummy77, Acquia, Colis Prive, The Talk Market, Songza Media,
LivingSocial, WhoSay, Cirtas Systems, ParAccel, Cicekspeti Internet Hizmetleri, Foxit Software, Yieldex

Amazon

Cisco
One Mobikwik Systems, HyTrust, Innovid, CloudVelox, Team8, Alchemist Accelerator, Shanghai Ketong,
Stratoscale, Loggly, eSentire, ActionPacked Networks, Moogsoft, CTERA Networks, Puppet Labs
Dell
Elxabox, Nexenta, Lastline, Invincea, CorrelSense, Skyera, Mirantis, Qliance Medical Management

Cisco
Dell

EMC
HyTrust, Adallom, Jfrog, Puppet Labs, Vorstack, Crittercism, Aria Systems, MongoDB, HyTrust,
Maginatics, FeedHenry, Terascala, Silver Spring Networks, Intalio, Net One Systems, Futong Technology
Google
Jello Labs, Recorded Future, Duo Security, CliQr, CoreOs, Spruce Health, Switchboard Labs, Imergy
Power Systems, Orbital Insight, Highfive Technologies, Bento Labs, Kobalt Music, Jet.com, HeartThis,
Scout RFP, Ripple Labs, Space Exploration, North Technologies, Eye Stalks, maxHeap Technologies

EMC
Google
Intel

Intel
Skyport Systems, HyTrust, Sprinklr, CafeX Communications, Skully Helmets, ScienceLogic, SIGFOX,Vuzix
Corporation, Powervation, Expect Labs, Gigya, Stratoscale, INRIX, Incoming Media, Thundersoft
Software, Eyefluence, Netspeed Systems

Microsof t Microsoft
RetailNext, Qingsong Meican Technology, InsideSales, CityMaps, Unify Square, Cyanogen, Whistle Labs,
TranzMate, LeanWorks, Digital Lumens, Hipmunk, Netpulse, Reveal Chat, Quikr India, Zubie, RetailNext

Qualco mm Salesfor ce Qualcomm
Brainbow, RetailNext, ZopNow, 99Taxis, Tapingo, AppsDaily Solutions, August Home, 21 Inc., 3D
Robotics, Team8, 99Taxis, Ravello Systems, Whistle Labs, SENSE360, WorldVu Satellites, JobPlanet,
MediSafe Project, Zoom Video, Beijing Unisound, inPlug, Chukong Technology, 7Invesun Technology

SanDisk
SAP
0

50
2010

2011

100
2012

2013

150
2014

2015

200

Salesforce
Vlocity, FinancialForce.com, InsideSales, Livefyre, Apttus, Build Scale, 2lemetry, SteelBrick Holdings,
Apttus, Build Scale, 2lemetry, ThousandEyes, WEIC, Dispatch, Full Circle CRM, QuBit Digital, Bionym,
GetFeedback, InsideSales.com, ReaLync, Authy, ReDo, NewVoiceMedia, Skyhigh Networks, ManyWho
SanDisk
August Home, Corephotonics, Ravello Systems, Altair Semiconductor, Stratoscale, Nexenta Systems,
Magisto, Pebbles LTD., Tegile Systems, Panzura, WhipTail Technologies
SAP
Table 8, TableNow, Alminder, Visage Mobile, Virtuestream, StayNTouch, Trove, Yapta, Room 77, Nor1,
Evature, getTalent, buuteeq

Source: CapitalIQ, Crunchbase 4/17/15
*Totals for Intel and Google are for 2014 & 2015 only

© 2015, Centaur Partners │Confidential │

9

SaaS Comparable Analysis
Comparable Company Valuation Multiples
Company
Horizontally Focused
SalesForce.com
Workday, Inc.
ServiceNow, Inc.
NetSuite, Inc.
The Ultimate Software Group, Inc. j2 Global, Inc.
TriNet Group, Inc.
Box,Inc
Demandware, Inc.
Cornerstone OnDemand, Inc.
Zendesk, Inc.
LifeLock, Inc.
Paylocity Holding Corp.
Qualys, Inc.
LogMeIn, Inc.
Marketo, Inc.
Cvent, Inc.
Constant Contact, Inc.
SPS Commerce, Inc.
RingCentral, Inc.
LivePerson, Inc.
Callidus Software, Inc.
Intralinks Holdings, Inc.
Bazaarvoice, Inc.
ChannelAdvisor Corp.
Tangoe, Inc. inContact, Inc.
SciQuest, Inc.
Carbonite, Inc.
Amber Road, Inc.
Rally Software Development Corp.
E2open, Inc.
Five 9, Inc.
Brightcove, Inc.
Zix Corp.
Upland Software

FYE

Price

31-Jan
31-Jan
31-Dec
31-Dec
31-Dec
31-Dec
31-Dec
31-Jan
31-Dec
31-Dec
31-Dec
31-Dec
30-Jun
31-Dec
31-Dec
31-Dec
31-Dec
31-Dec
31-Dec
31-Dec
31-Dec
31-Dec
31-Dec
30-Apr
31-Dec
31-Dec
31-Dec
31-Dec
31-Dec
31-Dec
31-Jan
(Invalid
Identifier)
31-Dec
31-Dec
31-Dec
31-Dec

$71.6
$90.7
$73.6
$94.5
$166.1
$68.8
$36.5
$17.4
$61.2
$28.2
$22.3
$14.9
$29.0
$55.1
$64.5
$29.1
$27.4
$29.2
$65.6
$17.3
$9.5
$14.3
$9.7
$5.4
$10.0
$14.3
$10.5
$15.7
$10.2
$9.4
$14.2
(Invalid
Identifier)
$5.4
$7.7
$4.4
$7.0

(US$ in millions, except per share values)
% 52-wk
High
Dil Shares
87%
74%
97%
78%
91%
93%
98%
79%
68%
56%
90%
68%
87%
96%
88%
74%
57%
97%
94%
64%
71%
90%
91%
93%
17%
59%
86%
48%
97%
54%
51%
29%
41%
73%
74%
64%

650.6
189.0
152
77
29
48
71
117
36
54
83
94
50
34
25
42
41
32
17
69
57
51
57
79
25
39
61
28
27
26
26
(Invalid
Identifier)
49
33
56
15

Market Cap

Cash & ST

Debt

Ent. Val
(Diluted)

2013A

EV/Rev
2014E

2015E

2013A

$46,938
$17,185
$11,304
$7,330
$4,752
$3,317
$2,559
$2,029
$2,236
$1,521
$1,854
$1,408
$1,466
$1,870
$1,588
$1,227
$1,137
$939
$1,084
$1,196
$536
$825
$558
$421
$250
$557
$647
$433
$279
$244
$362
(Invalid
Identifier)
$268
$249
$252
$107

$926
$1,835
$669
$450
$116
$622
$98
$165
$259
$228
$110
$238
$89
$113
$196
$119
$183
$163
$131
$142
$87
$37
$45
$81
$68
$49
$31
$131
$61
$41
$71

$2,351
$490
$444
$266
$8
$591
$550
$40
$0
$224
$8
$0
$0
$0
$0
$6
$0
$0
$0
$26
$0
$11
$79
$27
$5
$1
$18
$0
$0
$4
$0

$38,761
$14,817
$10,889
$7,213
$4,388
$2,804
$2,869
$1,985
$1,796
$1,788
$1,797
$1,128
$1,249
$1,231
$941
$1,296
$873
$1,148
$974
$906
$483
$764
$659
$599
$137
$407
$536
$303
$344
$207
$235

9.5x
NM
NM
17.4x
10.7x
5.4x
1.7x
16.0x
16.8x
9.7x
24.9x
3.1x
11.5x
11.4x
5.7x
13.5x
7.9x
4.0x
9.3x
5.6x
2.7x
6.8x
2.8x
3.6x
2.0x
2.2x
4.1x
3.4x
3.2x
4.0x
3.2x

7.2x
18.9x
16.1x
13.0x
8.7x
4.7x
1.3x
10.1x
11.6x
6.9x
14.4x
2.4x
8.5x
9.3x
4.3x
8.7x
6.2x
3.5x
7.7x
4.2x
2.3x
5.7x
2.6x
3.1x
1.6x
1.9x
3.1x
2.9x
2.8x
3.2x
2.7x

6.3x
13.0x
11.0x
9.9x
7.1x
4.0x
1.1x
6.4x
7.7x
5.3x
9.5x
1.9x
6.7x
7.4x
3.6x
6.2x
4.9x
3.1x
6.2x
3.2x
1.8x
4.6x
2.4x
2.9x
1.4x
1.7x
2.6x
2.8x
2.5x
2.7x
2.2x

NM
NM
NM
NM
NM
13.0x
21.0x
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
24.8x
NM
NM
NM
NM
NM

$24
$83
$23
$20
$3

$6
$49
$1
$0
$28

$234
$159
$238
$182
$193

#VALUE!
NM
NM
16.9x
NM

Mean:
Median:

#VALUE! #VALUE! #VALUE!
1.9x
1.6x
1.3x
2.2x
1.9x
1.8x
3.8x
3.6x
3.3x
4.7x
3.0x
2.7x
NA
NA

NA
NA

NA
NA

Source: Capital IQ 05/4/15, N/M = not meaningful/multiple outside of relevant range, N/A = Data Not Applicable
©
*CP assumed growth rates for Box for years 2014 and 2015 based on
SEC filings

EV/EBITDA
2014E

2013A

P/E
2014E

2015E

NM
NM
NM
NM
NM
11.0x
16.5x
NM
NM
NM
NM
20.1x
NM
NM
19.4x
NM
NM
19.0x
NM
NM
22.7x
NM
19.5x
NM
NM
12.3x
NM
15.7x
21.5x
NM
NM

NM
NM
NM
NM
NM
9.2x
14.5x
NM
NM
NM
NM
14.2x
NM
NM
16.1x
NM
NM
15.5x
NM
NM
17.7x
NM
16.9x
NM
NM
10.5x
NM
13.8x
13.4x
NM
NM

NM
NM
NM
NM
NM
29.7x
NM
NM
NM
NM
NM
24.3x
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM

NM
NM
NM
NM
NM
20.5x
32.4x
8.7x
NM
NM
NM
31.8x
NM
NM
NM
NM
NM
27.8x
NM
NM
44.6x
NM
NM
NM
NM
20.6x
NM
53.6x
NM
NM
NM

NM
NM
NM
NM
NM
17.8x
26.6x
4.0x
NM
NM
NM
22.7x
NM
NM
46.0x
NM
NM
22.1x
NM
NM
33.6x
NM
NM
NM
NM
18.1x
NM
51.0x
NM
NM
NM

#VALUE!
NM
NM
16.1x
NM
NA
NA

2015E

#VALUE!
NM
NM
13.0x
NM

NA
NA

NA
NA

#VALUE! #VALUE!
NM
NM
NM
NM
25.9x
28.6x
NM
NM
NA
NA

NA
NA

2015, Centaur Partners │Confidential │

#VALUE!
NM
NM
21.9x
NM
NA
NA

10

SaaS Comparable Analysis (cont.)
Comparable Company Valuation Multiples

(US$ in millions, except per share values)

% 52-wk
Company

Ent. Val
Dil
Shares

Market Cap

Cash &
ST

Debt

(Diluted)

FYE

Price

High

athenahealth, Inc.

12/2014

$115

70%

39

$4,451

$115

$209

$5,629

Veeva Systems, Inc.

01/2015

$27

76%

131

$3,585

$393

$0

$3,546

Guidewire Software, Inc.

07/2014

$50

91%

70

$3,541

$500

$0

$3,187

Dealertrack Technologies, Inc.

12/2014

$41

72%

54

$2,231

$146

$729

Medidata Solutions, Inc.

12/2014

$56

66%

53

$3,091

$273

RealPage, Inc.

12/2014

$19

85%

79

$1,513

FleetMatics Group Ltd.

12/2014

$46

89%

38

$1,748

Ellie Mae, Inc.

12/2014

$65

99%

29

$1,901

Castlight Health, Inc.

12/2014

$7

21%

92

Textura Corp.

12/2014

$28

86%

Marin Software, Inc.

12/2014

$6

56%

EV/Rev
2013A

Price/FCF

P/E

2014E

2015E

2013A

2014E

2015E

2013A

2014E

2015E

9.5x

7.5x

6.1x

NM

NM

NM

NM

NM

NM

16.9x

11.4x

9.0x

NM

NM

NM

NM

NM

NM

9.1x

8.5x

7.7x

NM

NM

NM

NM

NM

NM

$2,883

6.0x

3.4x

2.6x

NM

15.1x

13.0x

NM

26.8x

28.3x

$241

$2,422

8.7x

7.2x

6.0x

NM

NM

NM

NM

NM

NM

$31

$39

$1,551

4.1x

3.8x

3.4x

NM

23.0x

19.0x

NM

49.7x

43.2x

$161

$25

$1,280

7.2x

5.5x

4.4x

NM

18.1x

13.9x

53.6x

48.0x

35.6x

$86

$1

$1,224

9.5x

7.8x

5.4x

NM

NM

24.2x

NM

NM

NM

$678

$182

$0

$606

NM

13.7x

8.0x

NM

NM

NM

NM

NM

NM

26

$710

$66

$1

$607

14.9x

9.7x

6.7x

NM

NM

NM

NM

NM

NM

35

$224

$68

$3

$183

2.4x

1.9x

1.6x

NM

NM

NM

NM

NM

NM

Vertically Focused

Mean:

8.8x

7.3x

5.5x

NA

18.7x

17.5x

53.6x

41.5x

35.7x

Median:

8.9x

7.5x

6.0x

NA

18.1x

16.4x

53.6x

48.0x

35.6x

Source: Capital IQ 05/04/15, N/M = not meaningful/multiple outside of relevant range, N/A = Data Not Applicable

© 2015, Centaur Partners │Confidential │

11

SaaS Comparable Analysis (cont.)
(US$ in millions, except per share values)

Comparable Company Operating Metrics
Company
Horizontally Focused
SalesForce.com
Workday, Inc.
ServiceNow, Inc.
NetSuite, Inc.
The Ultimate Software Group, Inc. j2 Global, Inc.
TriNet Group, Inc.
Box,Inc
Demandware, Inc.
Cornerstone OnDemand, Inc.
Zendesk, Inc.
LifeLock, Inc.
Paylocity Holding Corp.
Qualys, Inc.
LogMeIn, Inc.
Marketo, Inc.
Cvent, Inc.
Constant Contact, Inc.
SPS Commerce, Inc.
RingCentral, Inc.
LivePerson, Inc.
Callidus Software, Inc.
Intralinks Holdings, Inc.
Bazaarvoice, Inc.
ChannelAdvisor Corp.
Tangoe, Inc. inContact, Inc.
SciQuest, Inc.
Carbonite, Inc.
Amber Road, Inc.
Rally Software Development Corp.
Five 9, Inc.
Brightcove, Inc.
Zix Corp.
Upland Software
Mean:
Median:

12-'13

Revenue Growth
13-'14

14-'15

MRQ Gross
Margin

2013A

EBITDA Margin
2014E

2015E

2013E

FCF Margin
2014E

2015E

33%
71%
74%
34%
24%
40%
61%
111%
28%
57%
88%
34%
41%
18%
20%
64%
33%
13%
35%
40%
13%
18%
8%
15%
27%
22%
18%
36%
28%
21%
31%
32%
25%
11%
81%

32%
67%
60%
34%
23%
14%
31%
58%
46%
41%
74%
28%
36%
23%
33%
55%
28%
16%
22%
36%
18%
20%
9%
14%
25%
13%
32%
14%
14%
22%
17%
21%
13%
5%
57%

15%
46%
46%
31%
22%
17%
16%
58%
51%
30%
51%
24%
27%
25%
19%
41%
26%
13%
24%
31%
26%
24%
6%
8%
13%
13%
22%
5%
12%
22%
20%
18%
8%
9%
10%

75%
69%
64%
68%
61%
83%
16%
77%
77%
69%
65%
74%
47%
79%
87%
64%
67%
73%
69%
69%
75%
60%
73%
64%
72%
58%
50%
68%
70%
59%
73%
49%
65%
83%
64%

NA
NA
NA
NA
15%
41%
8%
NA
NA
NA
NA
8%
NA
11%
9%
NA
2%
9%
9%
NA
4%
NA
6%
NA
NA
9%
NA
NA
2%
NA
NA
NA
NA
22%
6%

15%
1%
6%
9%
24%
43%
8%
NA
6%
0%
NA
12%
3%
21%
22%
NA
12%
18%
14%
NA
10%
11%
13%
NA
NA
16%
3%
19%
13%
1%
NA
NA
NA
22%
5%

17.9%
2.7%
13%
8%
24%
43%
8%
NA
4%
2%
NA
14%
6%
27%
22%
NA
10%
20%
14%
0%
10%
13%
14%
1%
NA
16%
5%
20%
19%
NA
NA
NA
4%
25%
5%

22%
14%
20%
31%
12%
22%
5%
NA
8%
12%
1%
12%
3%
10%
14%
NA
10%
8%
13%
NA
7%
10%
9%
NA
NA
8%
NA
19%
10%
15%
NA
NA
9%
13%
4%

16%
1%
11%
9%
10%
30%
7%
NA
NA
4%
NA
18%
NA
16%
26%
NA
NA
9%
10%
NA
8%
9%
NA
NA
NA
8%
NA
10%
8%
NA
NA
NA
NA
20%
NA

16.5%
1.7%
15%
8%
8%
NA
7%
NA
NA
6%
NA
19%
0%
19%
23%
NA
8%
11%
9%
NA
3%
6%
2%
0%
NA
10%
NA
14%
12%
NA
NA
NA
2%
19%
NA

NA
NA

NA
NA

NA
NA

NA
NA

NA
NA

NA
NA

NA
NA

NA
NA

NA
NA

NA
NA

Source: Capital IQ 05/04/15, N/M = not meaningful/multiple outside of relevant range, N/A = Data Not Applicable
©
*CP assumed growth rates for Box for years 2014 and 2015 based on
SEC filings

2015, Centaur Partners │Confidential │

12

SaaS Comparable Analysis (cont.)
(US$ in millions, except per share values)

Comparable Company Operating Metrics
Revenue Growth
Company

MRQ Gross

EBITDA Margin

FCF Margin

12-'13

13-'14

14-'15

Margin

2013E

2014E

2015E

2013E

2014E

2015E

41%

26%

23%

59%

9%

19%

18%

7%

1%

4%

Vertically Focused athenahealth, Inc.
Veeva Systems, Inc.

62%

48%

27%

64%

19%

28%

29%

18%

20%

21%

Guidewire Software, Inc.

16%

7%

11%

62%

7%

18%

19%

16%

18%

18%

Dealertrack Technologies, Inc.

24%

76%

29%

44%

12%

23%

20%

6%

2%

11%

Medidata Solutions, Inc.

27%

22%

20%

76%

11%

22%

23%

19%

16%

17%

RealPage, Inc.

17%

7%

13%

55%

14%

17%

18%

9%

7%

11%

FleetMatics Group Ltd.

39%

31%

25%

76%

25%

31%

32%

4%

11%

12%

Ellie Mae, Inc.

26%

22%

45%

68%

19%

26%

22%

20%

9%

2%

Castlight Health, Inc.

212%

241%

72%

54%

NA

NA

NA

NA

NA

NA

Textura Corp.

51%

54%

44%

81%

NA

NA

9%

NA

NA

11%

Marin Software, Inc.

30%

27%

17%

65%

NA

NA

NA

NA

NA

NA

Mean:

50%

51%

29%

64%

15%

23%

21%

12%

10%

12%

Median:

30%

27%

25%

64%

13%

22%

20%

13%

10%

11%

Source: Capital IQ 05/04/15, N/M = not meaningful/multiple outside of relevant range, N/A = Data Not Applicable

© 2015, Centaur Partners │Confidential │

13

SaaS Comparable Analysis (cont.)
(US$ in millions, except per share values)

Comparable Company Estimates

MRQ
Revenue
Company

2012A

2013A

EBITDA

2014A

2015E

2013A

2014E

EPS
2015E

2013A

2014E

EPS
2015E

LTG

FCF
2013A

2014A

2015E

End

Revenue

Gross Profit

Horizontally Focused
SalesForce.com

$3,050

$4,071

$5,374

$6,200

($61)

$789

$1,109

($0.39)

$0.42

$0.64

28%

$909

$833

$1,022

11/14

$1,445

Workday, Inc.

$274

$469

$784

$1,142

($119)

$6

$31

($1.01)

($0.33)

($0.23)

40%

$66

$10

$19

12/14

$226

ServiceNow, Inc.

$244

$425

$678

$990

($43)

$43

$127

($0.54)

($0.09)

$0.19

38%

$84

$77

$152

01/15

$212

$135

NetSuite, Inc.

$309

$415

$554

$728

($37)

$49

$58

($0.95)

$0.33

$0.30

22%

$129

$50

$59

01/15

$165

$112

The Ultimate Software Group, Inc.

$332

$410

$506

$616

$60

$121

$149

$0.92

$2.02

$2.45

27%

$50

$49

$52

02/15

$145

$88

j2 Global, Inc.

$371

$521

$595

$698

$215

$255

$303

$2.31

$3.35

$3.87

14%

$113

$181

$0

11/14

$167

$138

$1,019

$1,644

$2,161

$2,517

$137

$173

$197

$0.26

$1.13

$1.37

18%

$78

$152

$174

11/14

$604

$95

$59

$124

$197

$312

($142)

($135)

($129)

($14.89)

$2.00

$4.40

0%

($40)

($35)

($21)

01/15

$63

$48

TriNet Group, Inc.
Box,Inc
Demandware, Inc.

$1,089
$156

$83

$107

$155

$234

($14)

$10

$10

($0.58)

$0.05

($0.01)

38%

$8

($4)

($2)

11/14

$54

$42

$118

$185

$261

$338

($30)

$1

$6

($0.79)

($0.32)

($0.28)

31%

$21

$11

$20

11/14

$76

$53

Zendesk, Inc.

$38

$72

$125

$189

($19)

($23)

($16)

($1.04)

($0.54)

($0.43)

35%

$1

($34)

($25)

11/14

$39

$25

LifeLock, Inc.

$276

$370

$475

$587

$31

$56

$80

$0.61

$0.47

$0.66

30%

$44

$83

$110

11/14

$134

$100

Paylocity Holding Corp.

$77

$109

$147

$187

($2)

$4

$11

($0.26)

($0.09)

($0.01)

30%

$3

($1)

$0

02/15

$34

$16

Qualys, Inc.

$91

$108

$133

$166

$12

$28

$45

$0.05

$0.39

$0.53

21%

$11

$22

$31

11/14

$37

$30

LogMeIn, Inc.

$139

$166

$221

$264

$14

$48

$58

($0.32)

$1.16

$1.40

28%

$24

$57

$62

10/14

$61

$53

Marketo, Inc.

$58

$96

$149

$209

($41)

($25)

($32)

($1.92)

($0.74)

($0.83)

23%

($5)

($23)

($22)

11/14

$46

$30

Cvent, Inc.

$83

$111

$142

$178

$3

$17

$18

($0.13)

$0.21

$0.23

25%

$11

($1)

$14

11/14

$39

$26

Constant Contact, Inc.

$252

$285

$331

$374

$27

$60

$74

$0.23

$1.05

$1.32

23%

$22

$30

$40

01/15

$90

$66

SPS Commerce, Inc.

$77

$104

$127

$157

$10

$17

$22

$0.07

$0.61

$0.76

23%

$13

$13

$14

02/15

$37

$25

RingCentral, Inc.

$115

$161

$218

$286

($29)

($20)

$1

($1.39)

($0.50)

($0.23)

22%

($21)

($30)

($21)

02/15

$65

$45

LivePerson, Inc.

Cornerstone OnDemand, Inc.

$157

$178

$209

$265

$6

$21

$27

($0.06)

$0.21

$0.28

20%

$13

$17

$9

11/14

$58

$44

Callidus Software, Inc.

$95

$112

$134

$166

($5)

$14

$22

($0.55)

$0.15

$0.23

27%

$11

$12

$9

02/15

$40

$24

Intralinks Holdings, Inc.

$217

$234

$255

$271

$13

$34

$39

($0.28)

$0.07

$0.06

15%

$22

($11)

$6

11/14

$67

$49

Bazaarvoice, Inc.

$147

$168

$191

$207

($30)

($8)

$3

($0.84)

($0.20)

($0.06)

15%

($6)

($17)

$0

12/14

$50

$32

$54

$68

$85

$95

($11)

($20)

($14)

($1.51)

($1.06)

($0.89)

23%

($4)

($27)

($19)

02/15

$23

$16

Tangoe, Inc.

$155

$189

$213

$240

$16

$33

$39

$0.13

$0.69

$0.79

17%

$15

$17

$24

11/14

$55

$32

inContact, Inc.

$110

$130

$171

$208

($3)

$6

$9

($0.19)

($0.13)

($0.17)

15%

($1)

($13)

($3)

11/14

$49

$25

SciQuest, Inc.

$66

$90

$103

$108

($0)

$19

$22

($0.21)

$0.29

$0.31

17%

$17

$11

$15

02/15

$26

$18

Carbonite, Inc.

$84

$107

$123

$138

$2

$16

$26

($0.41)

$0.00

$0.10

23%

$11

$10

$17

02/15

$33

$23

Amber Road, Inc.

$43

$53

$64

$78

($12)

$1

($7)

($5.11)

($0.20)

($0.49)

20%

$8

($9)

($9)

11/14

$18

$10

Rally Software Development Corp.

$57

$74

$87

$105

($16)

($22)

($18)

($1.01)

($1.03)

($0.83)

25%

($7)

($27)

($19)

12/14

$25

$18

Five 9, Inc.

$64

$84

$102

$120

($23)

($25)

($19)

($7.82)

($0.92)

($0.57)

39%

($8)

($32)

($27)

11/14

$28

$14

Brightcove, Inc.

$88

$110

$124

$134

($2)

($2)

$6

($0.36)

($0.17)

($0.08)

15%

$10

($5)

$2

02/15

$33

$21

Zix Corp.

$43

$48

$50

$55

$11

$11

$14

$0.17

$0.16

$0.20

18%

$6

$10

$10

11/14

$13

$11

Upland Software

$23

$41

$65

$71

$2

$3

$3

($7.77)

($0.66)

($0.24)

20%

$2

($2)

($1)

12/14

$16

$10

ChannelAdvisor Corp.

Source: Capital IQ 05/04/15, N/M = not meaningful/multiple outside of relevant range, N/A = Data Not Applicable
©
*CP assumed growth rates for Box for years 2014 and 2015 based on
SEC filings

2015, Centaur Partners │Confidential │

14

SaaS Comparable Analysis (cont.)
(US$ in millions, except per share values)

Comparable Company Estimates

MRQ
Revenue
Company

2012A

2013E

EBITDA

2014E

2015E

2013E

2014E

EPS
2015E

2013E

EPS

2014E

2015E

LTG

FCF
2013E

2014E

2015E

End

Revenue Gross Profit

Vertically Focused athenahealth, Inc.

$422

$595

$747

$918

$55

$139

$165

$0.07

$1.10

$1.18

23%

$43

$7

$41

02/15

$206

$122

Veeva Systems, Inc.

$130

$210

$312

$395

$41

$87

$114

$0.20

$0.34

$0.44

32%

$38

$61

$81

12/14

$87

$56

Guidewire Software, Inc.

$301

$350

$374

$415

$24

$66

$78

$0.22

$0.55

$0.65

15%

$58

$67

$76

12/14

$89

$55

Dealertrack Technologies, Inc.

$389

$482

$846

$1,091

$57

$191

$222

$0.14

$1.53

$1.45

16%

$30

$18

$115

11/14

$237

$104

Medidata Solutions, Inc.

$218

$277

$337

$403

$31

$75

$94

$0.33

$0.71

$0.89

26%

$51

$54

$70

02/15

$92

$70

RealPage, Inc.

$322

$377

$405

$456

$54

$67

$82

$0.28

$0.38

$0.44

20%

$34

$30

$52

11/14

$104

$58

FleetMatics Group Ltd.

$127

$177

$232

$289

$45

$71

$92

$0.85

$0.95

$1.29

26%

$7

$25

$36

11/14

$64

$49

Ellie Mae, Inc.

$102

$128

$157

$227

$25

$40

$51

$0.50

$0.91

$1.13

20%

$25

$14

$5

11/14

$54

$37

$4

$13

$44

$76

($62)

($77)

($70)

($6.28)

($0.99)

($0.70)

58%

($28)

($56)

($45)

11/14

$14

$8

Textura Corp.

$27

$41

$63

$90

($33)

($6)

$8

($2.83)

($0.39)

$0.18

45%

$0

($5)

$9

11/14

$19

$16

Marin Software, Inc.

$60

$77

$98

$115

($30)

($19)

($11)

($1.36)

($0.81)

($0.57)

20%

($18)

($26)

($17)

02/15

$27

$18

Castlight Health, Inc.

Source: Capital IQ 5/04/15, N/M = not meaningful/multiple outside of relevant range, N/A = Data Not Applicable

© 2015, Centaur Partners │Confidential │

15

Recent SaaS M&A Transactions

(US$ in millions, except multiple values)
LTM

Announced

Acquirer / Target

Target Description

04/23/15

Netsuite / Bronto Software

Provides a cloud-based marketing platform

04/06/15

Motorola Solutions/PublicEngines

Provides crime reporting, mapping, and analytics solutions.

03/24/15

Lexmark/Kofax

Develops and markets intelligent capture and exchange related solutions and services

03/19/15

Rakuten/OverDrive

Distributes digital content and delivers secure management, DRM protection and download fulfillment services for publishers

03/18/15

AppNexus/Yieldex

Provides a cross-channel revenue and inventory management platform providing analytics and solutions for digital publishers.

03/05/15

Recruit Holdings/Quandoo

Online reservation platform, offers online channels and mobile apps to search, find and reserve restaurants in real-time.

TEV

Eq Value

Rev

TEV / LTM

EBITDA

Rev

EBITDA

200.0
NA

NA

NA

NA

NA

NA

410.0

NA

NA

NA

NA

NA

100.0

NA

NA

NA

NA

NA

219.0

NA

NA

NA

NA

NA
NA

1000.0

02/26/15

Deltek / Hrsmart

Application suite includes Applicant Tracking, Performance Management, Learning Management, and Career Development and Succession
Planning

NA

NA

NA

NA

NA

02/23/15

Thoma Bravo/PowerPlan

Offers an integrated suite of accounting tax, budgeting and analytics software solutions for asset-intensive businesses.

NA

NA

NA

NA

NA

NA

01/26/15

Dropbox/Pixelapse

Build tools to improve the design process and make collaboration easier

NA

NA

NA

NA

NA

NA
NA

01/21/15

Dropbox/CloudOn

Provides users to create, review and share files from any device

12/24/14

J2Global/Carbonite

Provides internet-based backup solutions for individuals and businesses

NA

NA

NA

NA

NA

415.0

NA

NA

NA

NA

12/22/14

Diversis Capital/Blue Software

NA

Delivers superior graphics and content process management for top consumer products, retail and pharmaceutical brands worldwide.

NA

NA

NA

NA

NA

NA

12/22/14

Commerce Hub/Mercent Corporation

Provides advertising, analytics and merchandising optimization solutions that enable retailers to reach and convert online shoppers

NA

NA

NA

NA

NA

NA

12/16/14

Payment Data Systems/Akimbo
Financial

Provides social payments provider and prepaid card program manager.

3.0

NA

NA

NA

NA

NA

12/16/14

Janrain/Arktan

Leading provider of innovative social curation and engagement products and solutions

NA

NA

NA

NA

NA

NA

12/16/14

Fedex/Bongo International

Provider of services that enable international e-commerce orders and shipments

NA

NA

NA

NA

NA

NA

12/15/14

Carbonite/MailStore Software

Develops email archiving solutions for small and medium-sized companies, public and educational institutions, government agencies

19.9

NA

NA

NA

NA

NA

12/15/14

Emdeon/AdminiSource

Provides healthcare payment distribution services to insurance carriers and healthcare organizations

35.0

NA

NA

NA

NA

NA

12/02/14

Intuit/Acrede

Provides global, cross-border and cloud-based payroll services

NA

NA

NA

NA

NA

NA

12/02/14

InternMatch/ReadyForce

Provides professional network for college students and recent grads

NA

NA

NA

NA

NA

NA

12/02/14

GuestLogix/OpenJay

Leading global provider of ancillary-focused merchandising, payment and business intelligence technology to airlines and the passenger travel industry 41.2

NA

NA

NA

NA

NA

12/02/14

SS & C Tech. / DST Global

Offers investment accounting, financial planning, fraud detection and management, campaign generation software.

95.0

NA

NA

NA

NA

NA

12/01/14

AOL / Vidible

Its programmatic video exchange platform for discovering and distributing video content

50.0

NA

NA

NA

NA

NA

12/01/14

Microsoft / Acompli

Provides an application offers various shortcuts that accelerate common tasks

NA

NA

NA

NA

NA

NA

11/25/14

Parallax Capital / Bunchball

drives business results through gamification with its cloud-based platform that motivates and engages employees, customers and partners.

11/25/14

Vista Equity Partners / Advanced
Computer Software Group

Provides patient management software to health care

NA

NA

NA

NA

NA

NA

1140.0

NA

NA

NA

NA

NA

11/24/14

Speed Commerce/Fifth Gear

11/21/14

Descrates Systems / AirClic

Provides omnichannel e-commerce services

55.0

NA

NA

NA

NA

NA

Provides cloud-based enterprise mobility software solutions to automate and streamline paper-based processes.

29.7

NA

NA

NA

NA

11/21/14

Upland Software/Solution Q

NA

Provides project portfolio management software

5.8

NA

NA

NA

NA

11/20/14

NA

Groupon/Swarm Mobile

Helps businesses connect with and track their customers while in stores.

NA

NA

NA

NA

NA

NA

11/19/14

Plural Sight/Smarterer

Provides online skills testing site

75.0

NA

NA

NA

NA

NA

11/19/14

Accel Partners & Spectrum Equity /
Prezi

Presentation software

57.0

NA

NA

NA

NA

NA

Source: Capital IQ, Crunchbase, PE Hub 4/30/2015
* Denotes debt investment

© 2015, Centaur Partners │Confidential │

16

Recent SaaS M&A Transactions (cont.)

(US$ in millions, except multiple values)

LTM
Announced

Acquirer / Target

Target Description

11/18/14

Campaign Monitor/GetFeedback

Provides modern online survey software tool to create visually engaging, branded, mobile-ready surveys in minutes.

11/17/14

Vector Capital Corp./ ChyronHego

Offers broadcast graphics creation, playout, and real-time data visualization

11/05/14

LivePerson / Contact At Once!

Offers a live website chat software solution for the automotive industry

11/04/14

Zipmark/Working Point

Provides billing and accounting tools

11/03/14

Aetna / bswift

Online benefits enrollment/administration system

10/30/14

Permira Funds/Metalogix

Leading provider of trusted management tools for mission-critical collaboration platforms

10/23/14

Siris Capital / Digital River

Offers multi-tenant, SaaS commerce, payments and marketing services to B2B and B2C companies

10/20/14

Citrix / RightSignature

Its SaaS solution that allows users to create and sign legally binding documents online

10/20/14

Stamps.com / ShipWorks

Providing SaaS solutions for online sellers

10/14/14

Demandware / Cquotient

Provides software for a customer prediction and optimization platform.

10/13/14

SPS Commerce / Leadtec Systems

Has a B2B solution for EDI messaging, catalogue synchronization, and scan packing/logistics

10/09/14

Apax Partners / Exact

Provides solutions for manufacturing, wholesale, distribution, small business, accountancy verticals/ERP

10/08/14

RNTS Media (Xerox) / Fyber

PaaS company with an advertisement monetization platform includes mediation, marketplace,

10/07/14

Cornerstone OnDemand / Evolv

Offers a live website chat software solution for the automotive industry

10/02/14

Francisco Partners/Vendavo

Provides B2B pricing solutions

TEV

Eq Value

Rev

TEV / LTM

EBITDA

Rev

EBITDA

NA

NA

NA

NA

NA

NA

112.0

NA

58.9

NA

NA

NA

65.0

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

400.0

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

840.0

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

22.0

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

14.9

NA

NA

NA

NA

NA

252.3

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

44.5

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

10/01/14

J2 Global / Excel Micro

Provides cloud email security services

NA

NA

NA

NA

NA

NA

09/22/14

J2 Global / Web24 Group

Provides domain name, web hosting, dedicated or shared servers and related services

NA

NA

NA

NA

NA

NA

09/22/14

Adobe Systems / Aviary

Provides a platform for filters and frames, creative sticker, touch-up tools and advertising solutions

09/22/14

Sage Group/PAI Group

Offers payroll, HR, tax filing and time and attendance keeping software business enterprises.

NA

NA

NA

NA

NA

NA

157.8

NA

39.0

NA

NA

09/18/14

Red Hat/FeedHenry

NA

Provides cloud-based mobile app solutions to develop, integration and management of secure mobile apps.

82.0

NA

4.0

NA

NA

09/18/14

NA

ParTech/Brink Software

Provides cloud based point of sale (POS) software for restaurants.

17.0

NA

NA

NA

NA

NA

09/18/14

SAP/Concur Technologies

Provides on-demand employee spend management solutions

7561.0

7222.0

668.0

110.1

10.6x

362.0x

09/16/14

Callidus Software/Clicktools

provides a SaaS solution that enables organizations to collect, centralize, and act on customer feedback

09/15/14

Cognizant/Trizetto

Provides IT solutions in the healthcare supply chain to improve the coordination of benefits and care for healthcare consumers.

09/11/14

Ericsson/Fabrix Systems

Cloud based scale out storage and computing platform.

16.4

NA

2.3

NA

NA

NA

2700.0

NA

NA

NA

NA

NA

95.0

NA

NA

NA

NA

NA

09/05/14

IntercontinentalExchange/SuperDerivat
Provides cloud-based real time market data, derivatives technology and valuation services for the financial and commodity markets. es 350.0

NA

NA

NA

NA

NA

09/03/14

Fidelity National Information Services,
Inc. / Clear2Pay

providing payment and payment-related solutions for financial institutions and their clients.

492.7

NA

123.0

NA

NA

NA

08/29/14

Omnitracs/XRS Corporation

Delivers fleet management and compliance software solutions to the trucking industry

177.5

08/05/14

RocketFuel/X Plus One

Provides integrated and open software for data-driven digital marketing.

236.0

NA

NA

NA

08/04/14

comScore/MdotLabs

provides advertising campaign protection and optimization solutions for brands and agencies

07/31/14

Oracle/TOA Technologies

Provides predictive mobile workforce management SaaS

07/29/14

Innodata/MediaMiser

Provides a SaaS media monitoring & analysis solution

07/25/14

RIB Software/Byggeweb

Provides SaaS software for the construction industry

53.0
72.0

550.0

NA

41.0

NA

12.2

NA

8.5

NA

3.6

NA

NA

NA

25.9

Source: Capital IQ, Crunchbase, PE Hub 4/30/2015
* Denotes debt investment

NA

NA

NA

NA

NA

4.5

© 2015, Centaur Partners │Confidential │

17

Recent SaaS M&A Transactions (cont.)

(US$ in millions, except multiple values)
LTM

Announced

Acquirer / Target

Target Description

TEV

Eq Value

Rev

TEV / LTM

EBITDA

Rev

EBITDA

07/24/14

PTC/Axeda

Provides cloud-based software for connected products and machine-to-machine applications

170.0

NA

24.0

NA

NA

NA

07/23/14

Linkedin Corp. / Bizo

Provides a marketing platform enabling B2B marketers to identify and engage their target audiences online

175.0

NA

50.0

NA

NA

NA

07/21/14

ACI Worldwide/Retail Decisions

Provides fraud detection and prevention, online payment processing and BI analytics and reporting

205.0

NA

51.0

NA

4.0

NA

07/21/14

Sage Software/Exact Software

Provides payroll software products

22.0

NA

10.5

NA

2.1

NA

07/18/14

Netsuite / Venda

Is an outsourced and on-demand platform

50.5

NA

NA

NA

NA

NA

07/14/14

Bridgepoint Development
Capital/Phlexglobal

Provides trial master file record management SaaS for pharmaceutical and life sciences industries

72.0

NA

25.0

NA

2.7

NA
NA

07/14/14

Linkedin Corp. / Newsle,Inc.

Tracks when contact are mentioned online

07/12/14

Salesforce / RelateIQ

Provides a relationship management service

NA

NA

NA

NA

NA

391.0

NA

NA

NA

NA

07/10/14

Blackboard / Perceptis

NA

Provides business process outsource services

NA

NA

NA

NA

NA

NA

07/10/14

Vista Equity Partners / Social Solutions Provides performance management software and services for the human services sector

NA

NA

NA

NA

NA

NA

07/09/14

Service Now, Inc. / Neebula Systems,
Inc.

100.0

NA

5.0

NA

NA

NA

07/08/14

Top Image Systems Ltd. / eGistics, Inc. Provides cloud-based information and document management applications

18.0

NA

11.0

NA

NA

NA

07/07/14

Thomas Bravo LLC / Sparta Systems,
Inc.

07/07/14

Accellos, Inc. / HighJump Software, Inc. Provides supply chain management software

Provides Service Availability Management software that improves IT performance and availability

Provides global enterprise quality management solutions and compliance management systems

Provides SaaS time and attendance system for mobile use
Provides revenue management solutions

07/01/14

Marlin Equity Partners / Longview
Solutions

Helps companies manage the business of finance with a unified, scalable app

06/23/14

Oracle/MICROS Systems

Offers designs, manufactures, markets enterprise information solutions for the global hospitality and retail industries.

06/21/14

Oracle, Inc. / LiveLOOK LLC

Provides real-time online interaction tools

06/18/14

Hyland Software/Readsoft

Creates and markets software and services for document automation.

06/16/14

RealPage/Kigo Rental Systems

06/16/14

Stamps.com/Auctane

NA

NA

NA

NA

NA

NA

NA

NA

4.5

Assure Software/FotoPunch
Enghouse Systems/Basset AB

NA
NA
NA

NA

NA

NA

NA

10.0

07/07/14
07/04/14

NA
NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

4504.0

NA

1337.0

NA

3.4

16.7

NA

NA

NA

NA

NA

NA

277.9

NA

131.5

NA

2.1

20.0

Provides vacation rental software for agencies and owners

37.5

NA

NA

NA

NA

NA

Provides web based shipping solutions

76.3

NA

NA

NA

NA

NA

06/13/14

The Priceline Group, Inc. / OpenTable,
Provides online reservation services
Inc.

06/12/14

Dropbox, Inc. / MobileSpan, Inc.

Provides mobile enterprise solutions

06/10/14

Amobee/Kontera

Provides online and social media content analytics and data aggregation SaaS

06/10/14

Verisae/ViryaNet

Provides mobile workforce business process management (BPM) SaaS

06/10/14

Dropbox, Inc. / Droptalk, Inc.

Provides a workplace communication platform

06/04/14

Dropbox,Inc. / Predictive Edge

06/05/14

Selectica/lasta.com

06/04/14

iParadiqms LLC / Private Group

Provides anti-plagiarism software

06/04/14

E2Open/SerusCorp

Provides cloud based manufacturing and supply chain visibility and intelligence solutions

26.0

NA

NA

NA

NA

NA

05/31/14

InsideSales.com / iHance, Inc.

Provides automated email tracking and synching solutions

NA

NA

NA

NA

NA

NA

05/30/14

inContact, Inc. / Uptivity, Inc.

Provides contact center workforce optimization

NA

NA

NA

NA

NA

NA

2324.0

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

150.0

NA

26.0

NA

5.8

NA

19.0

NA

11.0

NA

1.7

NA

NA

NA

NA

NA

NA

NA

Offers e-commerce personalization as a service

NA

NA

NA

NA

NA

NA

Provides software supply management solutions.

13.0

NA

11.0

NA

1.2

NA

NA

NA

NA

NA

NA

NA

Source: Capital IQ, Crunchbase, PE Hub 4/30/2015
* Denotes debt investment

© 2015, Centaur Partners │Confidential │

18

Recent SaaS M&A Transactions (cont.)

(US$ in millions, except multiple values)
LTM

Announced

Acquirer / Target

Target Description

TEV

Eq Value

Rev

TEV / LTM

EBITDA

Rev

EBITDA

05/19/14

Google, Inc. / Enterproid, Inc.

Provides mobile device management software

NA

NA

NA

NA

NA

NA

05/14/14

SmartFocus / PivotLink

provider of retail marketing intelligence and analytic applications.

NA

NA

NA

NA

NA

NA

05/14/14

Acxiom/LiveRamp

Provides CRM marketing data integration SaaS

310.0

NA

25.0

NA

12.4

NA

05/14/14

Appirio, Inc. / Coderbits.com

Provides social and professional network for software developers

NA

NA

NA

NA

NA

NA

05/10/14

Intel / Ginger Software, Inc.

Provides contextual grammar and spell checker

05/06/14

Google/Adometry

Provides online advertising analytics and customer analytics SaaS

NA

NA

NA

NA

NA

NA

150.0

NA

20.0

NA

7.5

05/06/14

AOL/Converto

Provides marketing campaign measurements SaaS

NA

89.0

NA

11.0

NA

8.1

04/28/14

TIBCO/Jaspersoft

NA

Provides open-source BI reporting and analytics software and SaaS

185.0

NA

30.0

NA

6.2

04/24/14

NA

Warburg Pincus/PayScale

Provides online salary and compensation information database for individuals and companies

100.0

NA

30.0

NA

4.0

NA

04/23/14

IntraLinks Holdings/DocTrakr

Provides a web based tool which allows companies to view in real-time what people are doing with their shared files.

10.2

NA

NA

NA

NA

NA

04/22/14

BainCapital/ViewPoint Construction

Provides management software available exclusively to the construction industry

230.0

NA

NA

NA

NA

NA

04/17/14

Interactive Intelligence Group, Inc. /
OrgSpan, Inc.

Provides cloud based enterprise social communication solutions

NA

NA

NA

NA

NA

NA

04/14/14

West/Reliance Communications

Provides mass messaging SaaS that enables K-12 education institutions in the US to contact parents via telephone calls, emails, text message and social media

75.0

NA

27.0

NA

2.8

NA

04/15/14

Vertical Search Works, Inc. / addGloo,
Inc.

Provides cloud based ad platform

NA

NA

NA

NA

NA

NA

04/14/14

TargetX.com LLC / Matchbox, Inc.

Provides admissions solutions in a SaaS based model

NA

NA

NA

NA

NA

NA

04/10/14

Zendesk, Inc. / Zopim Technologies

Provides live chat software

29.7

NA

NA

NA

NA

NA

04/07/14

GTCR LLC / Vocus, Inc.

Provides software for public relations management

434.0

NA

187.0

NA

2.3

NA

04/01/14

Proposal Software, Inc. / Manager
Insights LLC

Provides cloud based software for asset managers

NA

NA

NA

NA

NA

NA

03/26/14

SAP AG / Fieldglass, Inc.

Provides a SaaS platform to procure and manage contingent workers

NA

NA

NA

NA

NA

NA

03/20/14

Ensighten, Inc. / Tagman Ltd.

Provides a platform for marketing attribution solutions

NA

NA

NA

NA

NA

NA

03/13/14

Nexstar Broadcasting Group, Inc. /
Internet Broadcasting Systems, Inc.

Provides a SaaS based digital publishing platform

20.0

NA

NA

3.6

NA

5.6

03/12/14

HGGC / Serena Software, Inc.

Provides application lifecycle management software

NA

NA

NA

NA

NA

NA

02/26/14

Workday / Identified, Inc.

Provides a professional search engine

NA

NA

NA

NA

NA

NA

02/24/14

Oracle/BlueKai

Provides data management, marketing automation and analytics SaaS

420.0

NA

63.0

NA

6.7

NA

02/24/14

Pamlico Capital/Daxko

Provides a range of SaaS for NPOs including accounting, CRM and ERP software

70.0

NA

35.0

NA

2.0

NA

02/10/14

J2 Global / Livedrive Internet

Provides cloud based storage and online backup services

NA

NA

NA

NA

NA

NA

01/31/14

Vector Capital Corp./ CollabNet, Inc.

Provides software development solutions

NA

NA

NA

NA

NA

NA

01/30/14

Dasault Systems/Accelrys

Provides a broad, flexible scientific solution optimized to integrate the diversity of science, experimental processes and information requirements

666.5

NA

168.5

NA

4.0

25.9

01/22/14

ServiceSource / Scout Analytics

Cloud based recurring revenue management solutions

NA

NA

NA

NA

NA

NA

01/06/14

Pinterest / Visualgraph

Develops cloud-based image recognition and visual search software

NA

NA

NA

NA

NA

NA

01/06/14

Brightcove / Unicorn Media

Cloud video advertisement insertion technology services

42.3

NA

NA

NA

NA

NA

01/06/14

Verint Systems/Kana Software

Provides solutions that deliver a customer-focused service experience that successfully balances customer interests with business goals.

514.0

NA

NA

NA

NA

NA

Source: Capital IQ, Crunchbase, PE Hub 4/30/2015
* Denotes debt investment

© 2015, Centaur Partners │Confidential │

19

SaaS Private Placements
(US$ in millions, except multiple values)
Announced

Target

Investors

Target Abstract

Total Deal Amt.

2015-04-28

SignPost

Spark Capital, Launch Fund, OpenView Venture Partners, Georgian Partners,

Automates various aspects of SMB marketing from directory and social profile management to CRM

20.5

2015-04-16

Procore
Technologies

Bessemer Venture Partners, Iconiq Capital

Cloud based construction management software

30.0

2015-04-09

Aviso

Scale Venture, Next World Capital, Shasta Ventures, First Round, Bloomberg

Its software helps nue Intelligence to quantify risks, predict outcomes, and exceed revenue expectations

2015-04-08

Domo

GGV Capital, Blackrock, Glynn Capital,

Provides an executive management platform as a software-as-a-service solution for managers and executives to run their business.
Its treasury solutions to plan for market volatility, regulation, and opportunities.

15.0
200.0

2015-04-07

Kyriba Corporation

Upfront Ventures, Iris Capital, BRED Banque, Daher Capital

2015-04-06

ZenPayroll, Inc.

Kleiner Perkins Caufield & Byers, Google Capital, General Catalyst, Glynn Capital Is a comprehensive payroll service to set up and run payroll from any web enabled device.

21.0
60.0

2015-03-27

Aryaka Networks

InterWest, Mohr Davidow, Nexus Venture, Presidio Ventures, Trinity Ventures

Offers WAN Optimization as-a-Service, a cloud-based solution

16.0

2015-03-24

Lookingglass Cyber Alsop Louie Partners; Neuberger Berman Group

Provides monitoring and management capabilities with the convenience of a software-as-a-solution

20.0

2015-03-18

InsideSales.com, Inc. Hummer Winblad Venture Partners, Kleiner Perkins, Microsoft, Salesforce

SAAS platform with a machine learning, integrated approach to accelerate sales

60.0

2015-03-11

SteelWedge

Shea Ventures, Mainsail Partners, Camden Partners

Is an integrated business planning solution provider for sales, finance, operations and executive teams.

2015-03-11

Zuora

Benchmark, BlackRock, Passport Capital, Greylock Partners, Index Ventures

Delivers a SaaS-based solution for taming operational complexities of recurring revenue businesses.

2015-02-24

Guidespark

NEA, Storm Ventures, IDG Ventures, Meritech Capital Partners

Delivers HR communications and training solutions

22.2

2015-02-22

Main Street Hub

Silicon Valley Bank

Offers integrated social, web, and email marketing products

20.0

2015-02-20

Postmates, Inc.

SoftTech VC, Spark Capital

Offers integrated social, web, and email marketing products

35.0

2015-02-19

Livefrye

Adobe Ventures, Greycroft Partners, Salesforce Ventures, The Cue Ball Group

Develops and operates a real-time conversation, social curation, and social advertising platform

47.0

2015-02-19

Tealium

Battery Ventures, Tenaya Capital, Presidio Ventures, Bain Capital

Provider of a tag management system, including analytics, advertising and affiliate enterprise websites

30.7

2015-02-18

Message Systems

Hercules Technology Growth Capital, NewSpring Capital, LLR Partners

Provides on-prem and cloud email infrastructure to the most demanding businesses

35.0

2015-02-12

Conductor, Inc.

Blue Cloud Ventures, Investor Growth Capital, Matrix Partners, First Mark Capital Develops enterprise SaaS search engine optimization technology solutions for enterprise marketers

27.0

2015-02-09

SteelBrick

Salesforce, Emergence Capital, Shasta Ventures

Provides easy-to-use Configure Price Quote (CPQ) apps for high-growth salesforce.com customers

18.0

2015-02-04

Skimlinks

Greycroft Partners, Bertelsmann Digital, SVB, Sussex Place Ventures, G

Is a simplified affiliate marketing tool for publishers to convert existing links into affiliate marketing links.

16.0

2015-02-02

Zapproved

K1 Investment Management

eDiscovery software for corporate in-house legal departments.

16.6

2015-02-02

BugCrowd

Blackbird Ventures; Costanoa Venture Capital; Paladin Capital; Rally Ventures

Develops and offers a mobile SAAS platform

22.5
115.0

4.6

2015-02-02

Apttus

Iconiq Capital, K1 Capital Advisors, Salesforce Ventures

Its software drives the vital business process between a purchase and the realization of revenue

41.0

2015-01-29

Tune

Accel Partners, Performance Equity Management, Icon Ventures

Products to help marketers manage performance advertising relationships across mobile and desktop

27.0

2015-01-29

MileIQ

Trinity Ventures, CRV, SV Angel

App catches drives automatically, syncs them to the cloud

12.1

2015-01-28

Araxid

Bessemer Venture Partners, Columbia Capital

Platform for trusted supply chains, identities, transactions, and the reduction of risk

12.5

2015-01-28
2015-01-27
2015-01-20
2015-01-20
2015-01-20
2015-01-08

Adallom
Benu
Sparkcentral
Dig Inn
Avalara, Inc.
Seismic

EMC, Index Ventures, Sequoia Capital, Zohar Zisapel
Spark Capital, Sutter Hill Ventures, Comcast Ventures, Shaw Ventures

Focused on auditing user activity and protecting users and information from threats in real time scalable, access-independent real-time subscriber management platform.
Enables enterprises to handle high volumes of customer service interactions over social media
Is a fully customizable online ordering and website creation platform
Delivering a broad array of compliance solutions related to sales tax. platform enables field and inside sales reps to quickly create customized, compliant materials

30.0
27.7
12.0
15.0
42.0
20.0

Wexford Capital
Technology Crossover Ventures
Sigma West, JMI Equity

Source: Capital IQ, Crunchbase, PE Hub 4/30/2015
* Denotes debt investment

© 2015, Centaur Partners │Confidential │

20

SaaS Private Placements (cont.)
(US$ in millions, except multiple values)
Announced
2014-12-24

Target
Qwikcilver

Investors
Amazon, Accel Partners, Helion Venture Partners

Target Abstract
Single-stop provider for all kinds of stored value card based solutions

2014-12-23

Everplans

Generator Ventures

Helps users create, organize and securely share important legal, financial and health information

2014-12-23
2014-12-23

Appcues
Breadtrip

Individuals
China Broadband, Fidelity Growth Partners Asia, Tencent Holdings

Appcues is a User Onboarding Software Solution
Social application that enables users to record and share their trips with their friends.

1.2
62.0

2014-12-19

FrontDesk HQ

Floodgate, Individuals, Second Avenue Partners, Version One Ventures,

Provides cloud-based client management tools to the personal services economy.

62.0

2014-12-18
2014-12-17
2014-12-16
2014-12-16
2014-12-16

RealConnex.com
Prairie Cloudware
Serviz
Clever
Adyen

Blue Star Capital, Dispatch, Stratus Technologies
NA
Individuals, Pointguard Ventures
GSV Capital, Lightspeed Ventures, Sequoia Capital
Felicis Holdings, General Atlantic, Temasek Holdings

On-line marketplace for real estate professionals
Developing mobile payment solution platforms and tools for financial institutions
Home Services On-Demand app
Provides platform for modern learning software
Multichannel payment company outsourcing payment services to international merchants

2014-12-08

Revionics

Goldman Sachs

Offers lifecycle price, promotion and markdown optimization solutions for the retail industry.
Offers a cloud-based unified communications suite enabling enterprise organizations to optimize their operations. Provider of predictive, cloud-based retail applications
Platform that channels retailers, OEMs and integrators who deliver 'connected home' products to the mass market.

Total Deal Amt.
10.0
2.5

51.0
3.2
12.5
30.0
250.0
30.0

2014-12-03

Thinking Phone

Bessemer Venture Partners, Technology Crossover Ventures

2014-12-03

Predictix

Marlin Equity Partners, ITC Holdings, Kinetic Ventures

2014-12-03

Zonoff

Valhalla Partners, Grotech Ventures

2014-12-02

Stripe

Sequoia Capital, Kholsa Ventures, General Catalyst Partners, Thrive Capital

Provides a set of unified APIs and tools that instantly enable businesses to accept and manage online payments. 70.0

2014-11-28

NarrativeScience

Sapphire Ventures, Kholsa Ventures, General Catalyst Partners, Thrive Capital

Its platform helps companies to leverage their data by creating narrative reporting.

10.0

2014-11-25

Socrata

Sapphire Ventures, Morgenthaler Ventures, OpenView Venture Partners

enables users to access the data of public sector organizations via web, mobile and M2M interfaces.

11.1
30.0
25.0

2014-11-25

Elance-oDesk

Benchmark, Sigma West, FirstMark Capital, T. Rowe Price, NEA

operates a platform for businesses to find, hire, collaborate with and pay freelancers from the United
States and internationally

2014-11-24

HostAnalytics

Centerview Capital, Advanced Technology Ventures, StarVest Partners

Provides cloud-based enterprise performance management applications

2014-11-20

CS Disco

Bessemer Venture Partners, LiveOak Venture Partners

2014-11-19

Prezi

Accel Partners

2014-11-18

Shift

Provides a e-discovery software that helps lawyers find evidence faster in the tens of millions of documents reviewed in major cases and investigations provides an online presentation software solution is transforming the buying, selling, and servicing of used cars into a technology-driven, hassle-free experience Draper Fisher Jurvetson, SV Angel, Highland Capital Partners

Provides Salesforce analytics solutions that enable SMBs to maximize sales and increase team
Atlas Venture, Draper Fisher Jurvetson, NextView Ventures, Two Sigma Ventures productivity. General Catalyst Partners
Provides immigration process services for Fortune 500
Welsh, Carson, Anderson & Stowe
Provides an iPad point of sale solution for restaurant and retail establishments.
Develops Recursive Cortical Network™, a visual perception system that interprets the contents of
ABB
photographs and videos.

2014-11-17

InsightSquared

2014-11-12
2014-11-11

VisaNow
Revel Systems

2014-11-06

Vicarious

2014-11-06

Shippable

Founder's Co-op, Divergent Ventures, Vulcan Capital, Madrona Venture

2014-11-04
2014-11-04
2014-11-04

Nitro
Namely
Trustly Group

Battery Ventures
Bullpen Capital, Lerer Hippeau, True Ventures, Matrix Partners
BDC Venture Capital

2014-11-04

Gigya

Intel Capital, Mayfield Fund, Adobe Systems, Greenspring Associates

2014-11-04

Creditera

Kleiner Perkins Caufield & Byers

Is a cloud service for software developers to build, test, continuously integrate and deploy to GitHub or
Bitbucket projects. pdf creator end-to-end human capital management platform for growing companies
Developing and selling online payment solutions tailored for both B2C and C2C payments
Offers a Customer Identity Management Platform that businesses can use to identify customers, aggregate data & personalize campaigns.
Provide single source for business credit reporting directly to SMBs

Source: Capital IQ, Crunchbase, PE Hub 4/30/2015
* Denotes debt investment

56.7
15.0
31.8

10.0
57.0
23.8
13.5
22.1
100.0
12.0
8.0
15.0
12.0
28.8
35.0
6.5

© 2015, Centaur Partners │Confidential │

21

SaaS Private Placements (cont.)
(US$ in millions, except multiple values)
Announced

Target

Investors

Target Abstract

Total Deal Amt.

2014-10-31

Slack

Accel Partners, Andreessen Horowitz, Kleiner Perkins, Google Ventures

Offers a real-time messaging, archiving and search tool

2014-10-14

Loggly

Cisco, Data Collective, Harmony Partners, Matrix Partners, Trinity Ventures

2014-10-15

Bluebox

Undisclosed

Provides cloud-based solutions for log management, allowing users to spot problems in real time and identify root causes
Delivers Private Cloud as a Service (PCaaS) to customers.

2014-10-15

Thismoment

Sierra Ventures, Trident Capital, UMC Capital

Adobe Marketing Cloud customers to transform existing content from owned and earned sources

17.6

2014-10-14

Welltok

Bessemer

Delivers web and mobile social media-based solutions to the U.S. health plan community.

25.0

2014-10-05

InfusionSoft

Allure Ventures, Arthur Ventures, Bain Capital Ventures, Goldman Sachs

Infusionsoft provides an all-in-one sales and marketing Saa S software for small businesses

55.0

2014-10-03

IQMS

Undisclosed

IQMS is an innovator in the design, development, and deployment of ERP and MES software.

35.0

2014-10-20

Recurly

Polaris Partners, Greycroft Partners, Fidelity Investments, Devonshire Investors

Provides recurring billing management as an outsourced service

12.0

2014-10-21

Helium Systems

FirstMark Capital, Khosla Ventures

Helium is a complete platform for smart machines.

16.0

2014-10-22

Tipalti

Wicklow Capital

Comprehensive solution that addresses all phases of pay-out

13.0

2014-10-21

Acumatica

Almaz Capital, MYOB, Runa Capital, Visma

Provider of cloud business management software

13.3

2014-10-27

Limeade

Oak HC/FT Partners, TVC Capital

Its platform that enables employers and health benefit providers to deliver turnkey wellness solutions.

25.0

2014-10-24

Kareo

Greenspring Associates, Escalate Capital Partners, OpenView Venture Partners Software that helps small practice physicians run their business and get paid by insurance companies

15.0

2014-10-16

Quantopian

Bessemer, Khosla, Spark Capital, Wicklow Capital

Algorithmic trading platform providing users with tools to learn, create, and trade

15.0

2014-10-21

Benu

Arris Group, Comcast Ventures, Liberty Global, Spark Capital, Sutter Hill

Offers fixed and mobile operators a scalable, access-independent real-time subscriber management

27.7

2014-12-09
2014-09-29

Qubit
Mediaradar Inc.

Accel Partners, Salesforce Ventures, Balderton Capital
Bain Capital Venture Partners, Individuals

Provides a product suite that both collects and processes large data sets
Provides sales and client management services related to magazines.

26.0
6.7

2014-08-14

Desire2Learn

New Enterprise Associates, OMERS Ventures, Four Rivers Group

Provides cloud-based learning environment and solutions.

85.0

2014-07-18

Vision Critical

Georgian Partners, Northleaf Venture Catalyst Fund

Provides a cloud based customer intelligence platfrom that allows companies to build communities of customers for insight

16.0

2014-07-08

Cloudian

Goldman Sachs, Intel Capital, Fidelity Growth Partners Japan

Cloudian is a software company specializing in cloud storage

29.0

2014-07-08

Spark Labs

Collabroative Fund, SOSventures, O'Reilly AlphaTech Ventures, Lion Wells

Tools for engineers and designers to create new experiences through interent-connected hardware

4.9

2014-07-07

mBlox

Saints Capital, Trident Capital, Scale Venture Partners, Norwest Venture

Mblox is the largest independent Application to Person (A2P) mobile message provider in the world

43.5

2014-07-07

Regent Education

Ares Capital Corporation

Provider of financial aid management software solutions for higher education institutions

4.0

2014-07-05

ShepHertz

GrowX Venture Management, LetsVenture, Mumbai Angels, Blume Ventures

ShepHertz is a access channel and technology agnostic cloud computing platform service provider

1.2

2014-07-02

Trueeffect

-

Delivers a SaaS model that enables advertisers to more accurately measure advertising effectivness

2014-07-01

Box

Coatue Management, TPG

Box provides more than 8 million users with secure cloud content management and collobration

2014-07-01

EnergySavvy.com

El Dorado Investment, EnerTech Capital, Pivotal Investments, Prelude Ventures

Is a leader in cloud-based software for the utility industry

2014-07-01

Gridco

Lux Capital, North Bridge Venture, General Catalyst Partners, RockPort Capital

Gridco Systems is introducing a new class of intelligent power distribution solutions

12.0

2014-06-19

Puppet Labs, Inc.

Vmware, True Ventures, Triangle Venture Capital Group, Kleiner Perkins, Cisco

Puppet Labs, Inc. provides IT automation software

40.0

2014-06-18

Logfire

Edison Venture Partners LLC; Fulcrum Equity Partners, Inc.

Engaged in the provision of warehousing, transportation, and inventory optimization services.

2014-06-12

Freshdesk, Inc.

Google Capital, Accel Partners, Tiger Global Management

Freshdesk, Inc. provides customer support software

Source: Capital IQ, Crunchbase, PE Hub 4/30/2015
* Denotes debt investment

120.0
15.0
10.0

4.9
150.0
8.3

8.3
31.0

© 2015, Centaur Partners │Confidential │

22

SaaS Private Placements (cont.)
(US$ in millions, except multiple values)
Announced
2014-06-04

Yext

Investors
Insight Venture Partners, Institutional Venture Partners (IVP), Marker, Sutter Hill
Ventures

2014-06-03

Zenefits

Hydrazine Capital, SV Angel, Institutional Venture Partners, Andreessen Horowitz Zenefits provides HR SaaS

66.5

2014-05-28

SmartSheet.com

-

SmartSheet.com, Inc. provides collaboration software

35.0

2014-05-22

Clarizen, Inc.

Benchmark, Vintage Investment Partners, Opus Capital, DAG Ventures, Carmel
Ventures, Goldman Sachs, Viola Credit

Clarizen, Inc. provides project management software

35.0

2014-05-21

Evergage

Advanced Technology Ventures, G20 Ventures, Individuals, Point Judith Capital

Allows companies to personalize customer experiences in real-time

2014-05-15

Addepar, Inc.

SG VC, Valor Equity Partners

Addepar, Inc. provides software for wealth management

2014-05-14

Anaplan, Inc.

Sands Capital Ventures, DFJ Growth, Shasta Ventures, Meritech Capital Partners,
Anaplan, Inc. provides business planning and performance management software
Granite Ventures, Coatue Management, Brookside Capital

2014-05-13
2014-05-05

Avalara, Inc.
Optimizely, Inc.

Sageview Capital, Battery Ventures
Andreessen Horowitz, Benchmark, Bain Capital Ventures

Avalara, Inc. provides a tax software solution
Optimizely, Inc. provides website A/B testing

2014-04-30

Punchtab

Mohr Davidow Ventures

An omni-channel engagement & insights platform enabling brands to create dynamic experiences

2014-04-29

Crowd Computing
System

2014-04-28
2014-04-28
2014-04-26
2014-04-25

Target

Target Abstract

Total Deal Amt.

Provides GeoMarketing cloud to marketers

50.0

4.0
50.0
100.0
26.0
57.0
6.3

Greycroft LLC; iNovia Capital, Inc.; Max Yankelevich; Mohr Davidow Ventures;
RTP Ventures
BlackRock, Fidelity Investments, Passport Capital, T. Rowe Price, Wellington
NewRelic
Management
Polaris Partners, Kleiner Perkins Caufield & Byers, Salesforce, Acadia Woods
InsideSales.com, Inc. Partners, EPIC Ventures, Hummer Winblad Venture Partners, Zetta Venture
Partners, US Venture Partners
FinancialForce.com,
Advent International
Inc.

Provides AI software to complete end-to-end business processes by sourcing work from public crowds, private crowds and machine-automated workers

FinancialForce.com, Inc. provides ERP

50.0

Corvisa Cloud LLC

Corvisa Cloud LLC provides call center solutions

30.0

-

15.0

Software analytics platform offering app performance management and mobile monitoring solutions

100.0

InsideSales.com, Inc. provides software solutions for lead response management

100.0

Foundation Capital, Institutional Venture Partners, Northgate Capital, Performance
AdRoll provides a retargeting platform with analytics
Equity Management, Merus Capital
AvePoint, Inc. provides big data mangement, governance and compliance solutions fo social
Goldman Sachs collabotation platforms

70.0

2014-04-22

AdRolll

2014-04-18

SpringCM, Inc.

2014-04-17

Squarespace, Inc.

Squarespace, Inc. provides a content management system for website building

40.0

2014-04-15

Norwest Venture Partners, Trinity Ventures, US Venture Partners, Technology
Act-On Software, Inc.
Crossover Ventures, Voyager Capital

Act-On Software, Inc. provides a cloud-based integrated marketing automation platform

42.0

2014-04-13

AvePoint, Inc.

Goldman Sachs

AvePoint, Inc. provides big data mangement, governance and compliance solutions fo social collabotation platforms

90.0

2014-04-10

AppDirect

Foundry Group, iNovia Capital, Mithril Capital Management,StarVest Partners

Platform powers the marketplaces of trusted companies around the globe

2014-04-10
2014-04-10
2014-04-03
2014-04-03

Decisyon, Inc.
Fundbox Ltd.
Ceros
Jaunt, Inc.

Catalyst Investors
Khosla Ventures, SV Angel, LionBird
Sigma Prime Ventures, StarVest Partners, Greycroft Partners
Redpoint Ventures, SV Angel, British Sky Broadcasting

Decisyon, Inc. provides business intelligence management platform
Fundbox provides invoice management
Ceros provides digital publishing software
Jaunt, Inc. develops virtual reality products

General Atlantic

Source: Source: Capital IQ, Crunchbase, PE Hub 4/30/2015
* Denotes debt investment

© 2015, Centaur Partners │Confidential │

90.0

22.0
17.5
6.2
6.8

23

Recent Technology IPOs
(US$ in millions, except per share values)

Ticker
GDDY
BOX
WK
LC
CNXR
NEWR
HDP
CYBR
BABA
MBLY
MRKT
DSKY
GPRO
IMPR
MOBL
ANET
TRUE
ZEN
SABR
PAYC
OPWR
FIVN
GRUB
TWOU
EVDY
HIVE
TNET
KING
AMBR
ATEN
QTWO
PCTY
CSLT
COUP
VRNS
CRCM

Company
GoDaddy Inc.
Box, Inc.
Workiva Inc.
LendingClub Corporation
Connecture, Inc.
New Relic, Inc.
Hortonworks, Inc.
Cyber-Ark Software Ltd.
Alibaba Group Holding Limited
Mobileye N.V.
Markit Ltd. iDreamSky Technology Limited
GoPro, Inc.
Imprivata, Inc.
MobileIron, Inc.
Arista Networks, Inc.
TrueCar, Inc.
Zendesk, Inc.
Sabre Corporation
Paycom Software, Inc.
OPOWER, Inc.
Five9, Inc.
GrubHub Inc.
2U, Inc.
Everyday Health, Inc.
Aerohive Networks, Inc.
TriNet Group, Inc.
King Digital Entertainment plc
Amber Road, Inc.
A10 Networks, Inc.
Q2 Holdings, Inc.
Paylocity Holding Corporation
Castlight Health, Inc.
Coupons.com Incorporated
Varonis Systems, Inc.
Care.com, Inc.

Industry
IT Infrastructure
IT Storage
IT Infrastructure
Internet
Internet
Internet
IT Infrastructure
IT Security
Internet
IT Infrastructure
Internet
Internet
Consumer Electronics
IT Security
IT Security/ Infrastructure
IT Infrastructure
Internet
SaaS
Software
Software
Software
SaaS
Internet
Software
Internet
IT Infrastructure
SaaS
Gaming
SaaS
Software
Software
Internet
SaaS
Internet
Software
Internet

IPO Date
3/31/2015
1/22/2015
12/11/2014
12/10/2014
12/11/2014
12/11/2014
12/11/2014
9/23/2014
9/18/2014
7/31/2014
6/18/2014
8/6/2014
6/25/2014
6/24/2014
6/11/2014
6/5/2014
5/15/2014
5/14/2014
4/16/2014
4/14/2014
4/3/2014
4/3/2014
4/3/2014
3/27/2014
3/27/2014
3/27/2014
9/11/2014
3/25/2014
3/20/2014
3/20/2014
3/19/2014
3/18/2014
3/13/2014
3/6/2014
2/27/2014
1/23/2014

Current
Price
26.50
17.90
14.20
19.26
10.16
31.67
24.24
53.81
82.28
40.46
27.23
7.28
41.96
13.77
8.97
66.01
15.71
22.52
24.13
31.50
10.10
5.50
44.27
25.40
13.25
4.51
35.81
16.39
9.00
4.31
21.52
28.85
7.68
12.56
24.74
7.42

IPO Range
Low
High
17.00 19.00
11.00 13.00
13.00 15.00
12.00 14.00
12.00 14.00
18.00 20.00
12.00 14.00
13.00 15.00
66.00 68.00
21.00 23.00
23.00 25.00
12.00 14.00
21.00 24.00
14.00 16.00
8.00 10.00
36.00 40.00
12.00 14.00
8.00 10.00
18.00 20.00
18.00 20.00
17.00 19.00
9.00 11.00
23.00 25.00
11.00 13.00
13.00 15.00
9.00 11.00
0.00
0.00
21.00 24.00
10.50 12.50
13.00 15.00
11.00 13.00
14.00 16.00
13.00 15.00
12.00 14.00
19.00 21.00
14.00 16.00

IPO
Price
20.00
14.00
14.00
15.00
8.00
23.00
16.00
16.00
68.00
25.00
24.00
15.00
24.00
15.00
9.00
43.00
9.00
9.00
16.00
15.00
19.00
7.00
26.00
13.00
14.00
10.00
25.50
22.50
13.00
15.00
13.00
17.00
16.00
16.00
22.00
17.00

Shares
Offered
(millions)
23.0
12.5
7.2
58.0
6.6
5.0
6.3
5.4
320.1
35.6
53.5
7.7
17.8
5.0
11.1
5.3
7.8
11.1
39.2
6.65
6.1
10.0
7.4
9.2
7.2
7.5
12.0
22.2
7.4
12.5
7.8
7.0
11.1
10.5
4.8
5.4

As of IPO
EV/LTM EV/FTM
Amount % Return
Raised since IPO Ent. Value
Rev.
Rev. LTM Rev
$460.0
33%
$2,752.9
2.0x
- 1,387.3
$175.0
28%
$1,399.0
7.3x
192.6
$100.8
1%
$198.1
1.9x
1.5x
106.1
$870.0
28%
$4,701.6
26.6x 14.1x
176.5
$53.1
27%
$164.3
2.0x
1.8x
81.7
$115.0
38%
$906.5
10.7x
7.6x
85.0
$100.0
52%
$471.8
10.7x
7.0x
44.2
$85.8
236%
$331.2
4.4x
3.6x
75.7
$21,767.2
21% $159,795.8
2.8x 12.0x 57,497.0
$889.7
62%
$5,019.4
41.4x 29.5x
121.2
$1,283.3
13%
$5,083.4
5.2x
5.0x
979.9
$115.5
-51%
$412.4
1.0x
2.0x
398.6
$427.2
75%
$2,671.9
2.8x
2.0x
966.4
$75.0
-8%
$286.3
3.8x
2.8x
76.3
$100.0
0%
$528.9
4.9x
4.6x
108.0
$225.8
54%
$2,517.1
6.0x
4.5x
417.1
70.0
75%
$555.5
3.6x
2.7x
152.8
$100.0
150%
$561.2
6.7x
4.6x
83.2
627.2
51%
$8,039.0
2.6x
2.7x 3045.6
99.68
110%
$766.2
6.5x
5.1x
117.0
115.9
-47%
$821.8
8.4x
6.7x
98.3
70.0
-21%
$301.4
3.4x
2.7x
89.3
$192.5
70%
$1,854.7
10.9x
7.6x
170.0
119.3
95%
$427.5
5.1x
4.1x
83.1
100.1
-5%
$567.4
3.6x
3.2x
155.9
75.0
-55%
$374.8
3.5x
2.5x
107.1
306.0
40%
$2,915.7
1.5x
1.2x 1963.7
499.5
-27%
$6,649.0
3.5x
2.6x 1,884.3
96.1
-31%
$287.3
5.5x
4.7x
52.5
187.5
-71%
$167.4
1.2x
0.8x
141.7
100.9
66%
$330.9
5.8x
4.5x
56.9
119.8
70%
$782.5
8.6x
7.0x
90.5
177.6
-52%
$1,174.4
90.5x 31.9x
13.0
168.0
-22%
$1,058.5
6.3x
5.1x
167.9
105.6
12%
$425.4
5.7x
4.5x
74.6
91.0
-56%
$429.9
5.3x
3.9x
81.5

Source: CapIQ as of 4/5/15
Note: Offerings that raised less than $50M and OTC– traded companies have been excluded

MRQ
% Rev. Gross
FTM Rev. Growth Margin %
64%
78%
128.9
21%
69%
332.9
89%
82%
89.9
10%
40%
118.6
40%
80%
67.3
52%
25%
91.9
21%
87%
13,323.8
-77%
71%
170.4
41%
74%
1,022.8
4%
49%
205.0
-49%
42%
1369.2
42%
48%
100.9
32%
66%
115.2
7%
82%
558.9
34%
65%
203.5
33%
92%
121.1
45%
66%
2998.9
-2%
39%
150.5
29%
84%
122.1
24%
67%
110.8
24%
48%
244.3
44%
66%
105.4
27%
77%
177.3
14%
74%
149.1
39%
68%
2345.5
19%
17%
2,517.8
34%
68%
61.1
16%
57%
200.4
41%
73%
73.1
29%
42%
112.0
24%
47%
36.8 184%
41%
208.2
24%
61%
95.3
28%
90%
109.8
35%
72%

© 2015, Centaur Partners │Confidential │

24

Recent Technology IPO Filings
(US$ in millions, except per share values)

Proposed Ticker
WOWO
ZSK

Company
Wowo Limited
Zoosk, Inc.

Sector
Internet
Internet

Initial Filing Date
3/31/2015
5/1/2014

Source: CapIQ 4/5/15
LTM financials as of registration filings

Amount to be
Raised
$49.50
$100.00

LTM Revenue
$29.26
$186.90

LTM EBITDA
-$43.04
-$1.80

© 2015, Centaur Partners │Confidential │

25

Recent Technology Follow–on Offerings
(US$ in millions, except per share values)
As of Follow-On
Company
GoPro, Inc.
Western Digital Corporation
Sensata Technologies Holding NV
Sensata Technologies Holding NV
GrubHub Inc.
Vantiv, Inc.
Vantiv, Inc.
Fabrinet
NXP Semiconductors NV
Viggle Inc.
Moneygram International Inc.
SciQuest, Inc.
Tableau Software, Inc.
Tableau Software, Inc.
Datawatch Corporation
Rocket Fuel Inc.
Splunk, Inc.
Facebook, Inc.
HomeAway, Inc.
GT Advanced Technologies Inc.
SPS Commerce, Inc.
Demandware, Inc.
8x8 Inc.
ChannelAdvisor Corporation
Yelp Inc.
Guidewire Software, Inc.
Gigamon Inc.
Textura Corporation
SS&C Technologies Holdings, Inc.
SS&C Technologies Holdings, Inc.
Pandora Media, Inc.
Fleetmatics Group PLC
MagnaChip Semiconductor Corporation
LinkedIn Corporation
Zillow Group, Inc.
Rally Software Development Corp.
Himax Technologies, Inc.
Rosetta Stone, Inc.
Ubiquiti Networks, Inc.
Yandex N.V.
Fidelity National Information Services, Inc.
WNS (Holdings) Ltd.

Industry
Software
Software
Software
Software
Internet
Software
Internet
Internet
Transaction Processing
Software
Software
Software
Software
Storage
Internet
Software
Internet
Internet
Semiconductors
Semiconductors
Software
Networking
Software
Software
Software
Software
Software
Digital Media
Software
Semiconductors
Software
Internet
Semiconductors
Internet
Software
Semiconductors
Communications
Semiconductors
Software
Semiconductors
Semiconductors
Semiconductors

Current
Follow-On Shares Offered Amount % Return
EV/LTM
Follow-On Date Price
Price
(millions)
Raised
Follow-On Ent. Value
Rev.
11/19/2014
41.96
75.00
10.4
$777.0
-44%
$9,353.2
8.3x
11/6/2014
93.00
96.00
5.4
$521.7
-3%
$23,110.0
1.5x
9/4/2014
57.68
47.30
15.1
$711.9
22%
$11,588.2
5.4x
9/4/2014
57.68
47.30
15.1
$711.9
22%
$11,588.2
5.4x
9/3/2014
44.27
40.25
10.5
$421.3
10%
$3,002.5 14.8x
5/29/2014
38.00
30.95
5.8
$178.9
23%
$9,433.5
4.4x
5/29/2014
38.00
30.95
5.8
$178.9
23%
$9,433.5
4.4x
5/28/2014
18.92
18.00
3.2
$56.7
5%
$425.3
0.6x
5/14/2014
99.27
60.35
17.4
$1,048.7
64%
$19,057.7
3.8x
4/24/2014
1.40
8.00
4.4
$35.0
-83%
$86.3
5.0x
3/27/2014
8.61
16.50
8.0
$132.0
-48%
$1,870.1
1.3x
3/26/2014
16.33
26.75
3.0
$80.3
-39%
$551.2
6.1x
3/20/2014
91.27
89.25
4.0
$357.0
2%
$5,068.0 21.8x
3/20/2014
91.27
89.25
4.0
$357.0
2%
$5,068.0 21.8x
2/12/2014
6.65
28.50
1.8
$50.0
-77%
$193.0
6.0x
1/30/2014
9.16
61.00
5.0
$305.0
-85%
$2,016.5
8.4x
1/22/2014
59.23
81.00
6.0
$486.0
-27%
$8,031.8 30.0x
12/20/2013
81.56
55.05
70.0
$3,853.5
48%
$126,482.4 18.4x
12/12/2013
30.44
37.00
6.0
$222.7
-18%
$3,015.2
9.2x
12/4/2013
0.32
8.65
8.7
$74.8
-96%
$1,895.9
5.1x
11/20/2013
68.77
67.00
0.8
$50.3
3%
$913.9
9.2x
11/19/2013
59.39
57.00
3.3
$188.7
4%
$1,549.1 16.4x
11/14/2013
8.87
9.25
12.5
$115.6
-4%
$525.6
4.6x
11/5/2013
9.56
34.00
5.0
$170.0
-72%
$708.4 11.2x
10/30/2013
47.14
67.00
3.8
$251.3
-30%
$4,439.9 21.8x
10/22/2013
52.53
48.75
7.8
$378.5
8%
$2,353.1
7.8x
10/22/2013
20.82
38.50
5.1
$196.4
-46%
$1,104.5
8.6x
9/19/2013
27.00
38.00
4.6
$174.3
-29%
$815.5 26.3x
9/19/2013
62.43
37.63
7.5
$281.1
66%
$3,830.9
5.6x
9/19/2013
62.43
37.63
7.5
$281.1
66%
$3,830.9
5.6x
9/18/2013
16.22
25.00
18.2
$455.0
-35%
$4,127.2
7.8x
9/17/2013
43.87
46.79
6.0
$279.6
-6%
$1,625.4 10.8x
9/9/2013
5.70
21.20
1.7
$36.0
-73%
$859.4
1.1x
9/4/2013
248.82
223.00
5.4
$1,200.0
12%
$25,571.1 20.6x
8/20/2013
100.87
82.00
5.0
$411.9
23%
$2,709.0 17.8x
7/24/2013
16.00
24.75
4.9
$120.3
-35%
$497.3
8.3x
6/13/2013
6.14
5.25
22.1
$116.0
17%
$736.0
1.0x
6/6/2013
7.81
16.00
3.5
$56.0
-51%
$223.0
0.8x
6/4/2013
28.26
16.00
6.5
$104.0
77%
$1,301.3
4.1x
3/12/2013
16.24
22.75
24.3
$551.8
-29%
($4,658.9)
-0.2x
3/6/2013
68.08
37.40
19.3
$720.8
82%
$17,498.2
3.0x
2/11/2013
23.96
12.75
12.6
$161.0
88%
$744.3
1.6x
$45.59
$37.63

9.4
5.9

$401.4
$237.0

-0.1%
0.0%

Source: CapIQ 4/5/15
Note: Offerings that raised less than $50M and OTC–traded companies have been excluded $7,680
$2,185

8.9x
6.0x

EV/FTM
% Rev. MRQ Gross
LTM Rev FTM Rev
Growth Margin %
Rev.
5.9x 1,121.7
1,586.1
41%
48%
1.5x 15,269.0
15,228.8
0%
29%
4.8x 2,131.3
2,423.6
14%
34%
4.8x 2,131.3
2,423.6
14%
34%
10.8x
203.1
277.8
37%
66%
6.7x 2,147.7
1,405.2
-35%
55%
6.7x 2,147.7
1,405.2
-35%
55%
0.6x
677.7
720.9
6%
11%
3.5x 4,976.0
5,502.4
11%
46%
2.9x
17.3
30.0
74%
58%
1.2x 1,474.4
1,500.5
2%
55%
5.1x
90.2
107.4
19%
68%
15.4x
232.4
328.8
41%
92%
15.4x
232.4
328.8
41%
92%
4.6x
32.3
41.7
29%
75%
4.7x
240.6
433.1
80%
41%
19.8x
267.9
405.8
51%
85%
11.2x 6,871.0
11,281.1
64%
86%
7.3x
327.8
414.6
26%
84%
3.6x
368.7
522.9
42%
-251%
7.6x
98.9
119.5
21%
69%
12.0x
94.5
129.1
37%
77%
3.7x
114.3
141.7
24%
72%
8.9x
63.5
79.2
25%
75%
14.1x
203.5
313.9
54%
93%
6.7x
300.6
349.5
16%
62%
6.7x
129.1
166.1
29%
77%
31.0
- -100%
80%
5.1x
688.0
757.7
10%
47%
5.1x
688.0
757.7
10%
47%
528.0
- -100%
51%
8.4x
150.0
193.1
29%
76%
1.0x
815.6
847.5
4%
22%
14.1x 1,244.0
1,810.9
46%
86%
11.8x
152.1
228.7
50%
90%
6.2x
59.9
80.6
35%
73%
0.8x
746.3
918.2
23%
25%
0.8x
267.7
285.1
7%
80%
3.3x
314.5
391.1
24%
45%
-20.5x 28,767.0
227.2
-99%
73%
2.9x 5,795.8
6,091.1
5%
34%
1.6x
454.4
473.3
4%
37%
N/A $1,968.3
N/A
$321.1

$1,445.9
$398.5

0.2%
0.2%

© 2015, Centaur Partners │Confidential │

1%
1%

26

Contact Information
Centaur Partners
502 Waverley Street, Suite 301, Palo Alto, CA 94301
DAVID STASTNY dave@centaurpartners.com (650) 473-9250

AL SISTO al@centaurpartners.com (408) 802-7835

ATUL TIWARY atul@centaurpartners.com (408) 771-8703

LESLIE DEPALO leslie@centaurpartners.com (415) 235-1853

AVINASH MULYE avinash@centaurpartners.com (408) 893-2738

GLENN GOTTLIEB glenn@centaurpartners.com (408) 506-1369

Chicago Office
20 N. Clark Street Suite 3350
Chicago, IL 60602
(312) 726-3600

KAUSHIK ROY kaushik@centaurpartners.com (508) 498-0017

New York Office
200 Park Avenue, Suite 1700
New York, NY 10166
(212) 203-8449

© 2015, Centaur Partners │Confidential │

27

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