ENTERPRISE SOFTWARE

Q2 2017 MARKET REVIEW

STRICTLY PRIVATE AND CONFIDENTIAL

1

DEALS IN

PAST 2 YEARS

20+

250+ YEARS’

EXPERIENCE

YEARS OF

RI DEALS

3 SECTORS TOTAL DEAL

VALUE IN

PAST 2 YEARS

$1b+

100%

25

10

NATIONALITIES

50 PEOPLE 3 OFFICES REFERENCEABLE

SECTOR-LED SPECIALISTS IN M&A AND FUNDRAISING

1,000+ BUYERS

AND

INVESTORS

2

ANALYTICS AI ECOMMERCE

PROGRAMMATIC UXMOBILITYVERTICAL SOFTWARE

CYBER DIGITAL HEALTH

HCM

THE BEST COMPANIES IN THE HOTTEST SECTORS WORK WITH

US TO ACHIEVE GREAT RESULTS

3

WELCOME TO THE Q2 2017 EDITION OF THE ENTERPRISE

SOFTWARE REPORT

4

RESULTS INTERNATIONAL GLOBAL ENTERPRISE SOFTWARE

PERSPECTIVE

VE

RTIC

AL

HO

RIZ

ON

TA

LIN

FR

AS

TR

UC

TU

RE

BUSINESS MODEL

5

70

80

90

100

110

120

130

140

150

160

170

180

190

200

210

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

LAST

12 M

ON

TH S

HA

RE P

RIC

E P

ER

FOR

MA

NC

E

AdTech MarTech HealthTech Other Vertical ERP Analytics HCM Infrastructure Security Pure play SaaS NASDAQ Comp FTSE 100

RESULTS INTERNATIONAL GLOBAL ENTERPRISE SOFTWARE

INDICES

Q2 2017 PERFORMANCE

6

ENTERPRISE SOFTWARE: PUBLIC COMPANY VALUATION

BENCHMARKS

EV / REVENUE 2017E EV / EBITDA 2017E

7

TOTA

L D

ISC

LOSED

DEA

L V

ALU

E (

$M

)

NU

MB

ER

OF D

EA

LSENTERPRISE SOFTWARE: GLOBAL M&A ACTIVITY

Q1 2013 – Q2 2017

8

ENTERPRISE SOFTWARE: TOP ACQUIRERS

(1)

ACQUIRER SELECTED ENTERPRISE SOFTWARE TARGETS

LTM M&A – ENTERPRISE SOFTWARE AGGREGATORS 2017 M&A – TOP 10 ENTERPRISE SOFTWARE ACQUIRERS

9

ENTERPRISE SOFTWARE: SELECTED DEALS IN Q2 2017

DATE BUYER TARGET EV ($M)EV / (1)

REVENUEEV /

EBITDACOMPANY DESCRIPTION

TARGET SEGMENT

TARGETLOCATION

10

ENTERPRISE SOFTWARE: SELECTED FUNDRAISINGS IN Q2 2017

DATE COMPANYTYPE OF ROUND

FUNDSRAISED ($M)

INVESTOR PARTICIPATION COMPANY DESCRIPTIONTARGET

SEGMENTCOMPANYLOCATION

PURE PLAY SAAS

Q2 2017 MARKET REVIEW

12

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

RESULTS INTERNATIONAL PURE PLAY SAAS INDICESLA

ST

12 M

ON

TH S

HA

RE P

RIC

E P

ER

FOR

MA

NC

E (

%)

Q2 2017 PERFORMANCE

13

PURE PLAY SAAS UNIVERSE: LARGE & MID CAP SHARE

PRICE PERFORMANCE

Q2 2

017

LARGE CAP MID CAP

LAST

12 M

ON

THS

14

PURE PLAY SAAS: SMALL CAP SHARE PRICE PERFORMANCELA

ST

12 M

ON

THS

Q2 2

017

SMALL CAP

15

PURE PLAY SAAS: PUBLIC COMPANY VALUATION

BENCHMARKS

REVENUE GROWTH (2017-18E) EV / REVENUE 2017E

EBITDA MARGIN 2017E EV / EBITDA 2017E

16

PURE PLAY SAAS: PUBLIC COMPANY VALUATION

PERFORMANCE OVER TIME

LTM Q2 2017

% CHANGE

LTM Q2 2017

% CHANGE

17

PUBLICLY TRADED COMPS

18

OPERATING METRICS VALUATION METRICS

PRICE ($) % OF 52 MARKET TOTAL NET ENTERPRISE REVENUE REV. GROWTH GROSS MARGIN REVENUE EBITDA

COMPANY (30-JUN-17) WEEK HIGH CAP CASH DEBT VALUE CY2017 CY17-18 HISTORICAL CY2017 CY2018 CY2017 CY2018 CY2017 CY2018

ADTECH

MARTECH

EBITDA MARGIN

ENTERPRISE SOFTWARE: SELECTED PUBLICLY TRADED

COMPANIES – VERTICAL

19

OPERATING METRICS VALUATION METRICS

PRICE ($) % OF 52 MARKET TOTAL NET ENTERPRISE REVENUE REV. GROWTH GROSS MARGIN REVENUE EBITDA

COMPANY (30-JUN-17) WEEK HIGH CAP CASH DEBT VALUE CY2017 CY17-18 HISTORICAL CY2017 CY2018 CY2017 CY2018 CY2017 CY2018

HEALTHTECH

OTHER VERTICAL

EBITDA MARGIN

ENTERPRISE SOFTWARE: SELECTED PUBLICLY TRADED

COMPANIES – VERTICAL

20

OPERATING METRICS VALUATION METRICS

PRICE ($) % OF 52 MARKET TOTAL NET ENTERPRISE REVENUE REV. GROWTH GROSS MARGIN REVENUE EBITDA

COMPANY (30-JUN-17) WEEK HIGH CAP CASH DEBT VALUE CY2017 CY17-18 HISTORICAL CY2017 CY2018 CY2017 CY2018 CY2017 CY2018

ERP

ANALYTICS

HCM

EBITDA MARGIN

ENTERPRISE SOFTWARE: SELECTED PUBLICLY TRADED

COMPANIES – HORIZONTAL

21

OPERATING METRICS VALUATION METRICS

PRICE ($) % OF 52 MARKET TOTAL NET ENTERPRISE REVENUE REV. GROWTH GROSS MARGIN REVENUE EBITDA

COMPANY (30-JUN-17) WEEK HIGH CAP CASH DEBT VALUE CY2017 CY17-18 HISTORICAL CY2017 CY2018 CY2017 CY2018 CY2017 CY2018

INFRASTRUCTURE

SECURITY

EBITDA MARGIN

ENTERPRISE SOFTWARE: SELECTED PUBLICLY TRADED

COMPANIES – INFRASTRUCTURE & SECURITY

22

OPERATING METRICS VALUATION METRICS

PRICE ($) % OF 52 MARKET TOTAL NET ENTERPRISE REVENUE SUBSCRIPTION REV. GROWTH GROSS MARGIN EBITDA MARGIN REVENUE EBITDA

COMPANY (30-JUN-17) WEEK HIGH CAP CASH DEBT VALUE ($M) CY2017 HISTORICAL CY17-18 HISTORICAL CY2017 CY2018 CY2017 CY2018 CY2017 CY2018

LARGE CAP

MID CAP

ENTERPRISE SOFTWARE: SELECTED PUBLICLY TRADED

COMPANIES – PURE PLAY SAAS

23

ENTERPRISE SOFTWARE: SELECTED PUBLICLY TRADED

COMPANIES – PURE PLAY SAAS

OPERATING METRICS VALUATION METRICS

PRICE ($) % OF 52 MARKET TOTAL NET ENTERPRISE REVENUE SUBSCRIPTION REV. GROWTH GROSS MARGIN EBITDA MARGIN REVENUE EBITDA

COMPANY (30-JUN-17) WEEK HIGH CAP CASH DEBT VALUE ($M) CY2017 HISTORICAL CY17-18 HISTORICAL CY2017 CY2018 CY2017 CY2018 CY2017 CY2018

SMALL CAP

24

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DIRECTOR – LONDONDIRECTOR – LONDON