25
ENTERPRISE STACK Q2 2018 MARKET REVIEW
ENTERPRISE STACK
Q2 2018 MARKET REVIEW
2
SECTOR-LED SPECIALISTS IN M&A AND FUNDRAISING
Years ofRI DEALS 3 Sectors
Deals inPast 2 Years
25+ 30+
50 People
15 Nationalities 3 Offices 1,000+ Buyers& Investors
100%Referenceable
3
has been
acquired by
Digital Health Cybersecurity Cybersecurity Vertical SaaS AI
Analytics eCommerce Tech Cybersecurity Programmatic HCM
an Accel-KKR portfolio company
has acquiredhas been
acquired by
has been
acquired by
has been
acquired byhas acquired
has made a significant
investment into
has been
acquired by
THE BEST COMPANIES IN ENTERPRISE SOFTWARE WORK WITH US TO
ACHIEVE GREAT RESULTS
has received a Series
B funding round from
a JMI Equity-backed company
a Francisco Partners-backed company
has made a $20m
growth equity
investment into
4
ENTERPRISE SOFTWARE HIGHLIGHTS: Q2 2018Welcome to the Q2 2018 edition of our Enterprise Stack Report – Results International’s quarterly market update for the enterprise software segment.
Highlights in the quarter include:
• Enterprise software activity is strong; second highest number of M&A deals in the quarter since our records began in 2013, with
every sub-sector index showing positive performance in the quarter
• KKR’s largest acquisition since the financial crisis ($8.4B BMC Software) reflecting the increasing requirement for Private Equity to
put to work growing amounts of undrawn commitments, and Microsoft’s $7.5B investment into opensource, going back to its
roots and putting developers first, acquiring Github
• Multiple cloud-based horizontal SaaS IPOs in the quarter – Ceridian, HCM (42%); Zuora, ERP (43%); and Smartsheet, ERP (30%) all
increasing on first day of trading. RI selected horizontal software companies (across ERP, Analytics and HCM) are trading at
highest revenue multiples on record
• Hg made strategic investment in the leading provider of fully integrated business management software to UK mid-market
organisations, The Access Group, valuing the business at £1B. Organic growth combined with inorganic (executing 11
acquisitions), and entering into new vertical markets to expand its customer base has helped The Access Group attract a
‘unicorn’ valuation
The second half of 2018 will see a continuation of investor appetite across the board for enterprise software businesses. We hope
that you enjoy this document and look forward to discussing the data and underlying themes with you. If you are contemplating
fundraising, exit or growth through acquisitions, please do get in touch.
5
Security
HealthTech
RI GLOBAL ENTERPRISE SOFTWARE PERSPECTIVE
Note: For our detailed quarterly reports on AdTech/MarTech, HealthTech and Security, please visit our website (https://resultsig.com/insights)
Vertical
Horizontal
Infrastructure
MarTechOther
Vertical
ERP
DiversifiedFinancial
Accounting
Mgmt. (FMS)
Supply
Chain
Mgmt.
(SCM)
Analytics
Human
Capital
Mgmt.
(HCM)
Infrastructure
Subscription (SaaS)
vsPerpetual License
(On-Premise)
BUSINESS MODEL
AdTech
MarTech Barometer
CyberScope
HealthTech Heartbeat
6
RI GLOBAL ENTERPRISE SOFTWARE INDICES
60
70
80
90
100
110
120
130
140
150
160
170
180
190
200
210
Jun 17 Jul 17 Aug 17 Sep 17 Oct 17 Nov 17 Dec 17 Jan 18 Feb 18 Mar 18 Apr 18 May 18
LAST
12
MO
NTH
SH
AR
E P
RIC
E P
ER
FO
RM
AN
CE (
%)
AdTech MarTech HealthTech Other Vertical ERP Analytics
HCM Infrastructure Security Pure play SaaS NASDAQ Comp FTSE 100
Notes: Based on share prices as at 30th June 2018; indices weighted by market capitalisationSources: Capital IQ and Results analysis
Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18
Q2 2018 PERFORMANCE
AdTech 42.2%
MarTech 22.6%
Infrastructure 16.9%
Pure play SaaS 13.0%
HealthTech 11.8%
HCM 10.9%
ERP 8.7%
Other Vertical 8.4%
Security 8.2%
Analytics 4.1%48.3%
20.5%
(4.5%)
4.0%
22.3%
4.4%
75.0%
44.6%
26.2%27.1%
43.7%42.6%
7
ENTERPRISE SOFTWARE: PUBLIC COMPANY VALUATION
BENCHMARKS
20.9%
25.4%
10.1%
9.6%
10.4%19.1%
11.6%
6.6%
16.8%17.8%
1.7x
6.7x
3.5x
6.3x
7.7x 7.6x6.9x
5.1x5.4x
7.7x
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
7.0x
8.0x
9.0x
10.5%7.7% 18.0%
27.2%
23.3%
2.0%
22.3%
35.0%
12.8% 17.8%
14.6x 13.5x 13.9x
24.7x
15.0x
19.2x
27.1x
14.6x
26.8x
30.2x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
35.0x
Note: For Security, 75th percentile values have been overlaid (shaded lighter) to illustrate next-generation vendorsNote: EV = Enterprise Value; financials calendarised to December year end; median values reportedSee Selected Publicly Traded Companies (slides 19-23) for details of companies included in each category Source: Capital IQ
EV / REVENUE 2018E EV / EBITDA 2018E
Revenue Growth (2018-19E) EBITDA Margin (2018E)
8
ENTERPRISE SOFTWARE: GLOBAL M&A ACTIVITY Q1 2013 –
Q2 2018
Sources: Press releases, Capital IQ, Mergermarket, 451 Research and Results analysis
56 71 71 65 82 95 99 102 101 85 101 111 94 110 11289
124 111 101 103 107 125
207 189 206 206
234
267 268 263 264268
269 233 255
280
229
213
241 270
243 250278
27221 18
33 28
28
45 41 37 45 5960
44 46
50
57
35
4234
39 32
3935
284 278
310299
344
407 408 402 410 412430
388 395
440
398
337
407 415
383 385
424 432
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
0
100
200
300
400
500
600
Q1
2013
Q2
2013
Q3
2013
Q4
2013
Q1
2014
Q2
2014
Q3
2014
Q4
2014
Q1
2015
Q2
2015
Q3
2015
Q4
2015
Q1
2016
Q2
2016
Q3
2016
Q4
2016
Q1
2017
Q2
2017
Q3
2017
Q4
2017
Q1
2018
Q2
2018
TOTA
L D
ISC
LOSED
DEA
L V
ALU
E (
$M
)
NU
MB
ER
OF D
EA
LS
Europe North America Rest of World
Europe Total Disclosed Deal Value North America Total Disclosed Deal Value Rest of World Total Disclosed Deal Value
Total number of deals
9
ENTERPRISE SOFTWARE: TOP ACQUIRERS
Note: PE also shown as acquirer when acquisitions made through portfolio company
Sources: Press releases, Capital IQ, Mergermarket, 451 Research and Results analysis
LTM M&A – ENTERPRISE SOFTWARE AGGREGATORS 2018 M&A – TOP 10 ENTERPRISE SOFTWARE ACQUIRERS
Vista Equity
Partners
Thoma
Bravo
TA Associates
Francisco
Partners
WiseTech
Global
Microsoft
Corporation
Genstar
Capital
PE/PE-backed buyers
Insight Venture
Partners
H1-2018 deals
ACQUIRER SELECTED ENTERPRISE STACK TARGETS
Infrastructure
ERP
ERP
Analytics
ERP
Infrastructure Analytics
AdTech / MarTech
Infrastructure Infrastructure
Security
AdTech / MarTechERP Security
Other Vertical ERP
Security
ERP
ERP
InfrastructureAdTech / MarTechERP
Analytics
AdTech / MarTech
Infrastructure
Infrastructure
ERP
AdTech / MarTech
HCM ERP
Marlin
Equity
Partners
Accel-KKR
10
ENTERPRISE SOFTWARE: SELECTED DEALS IN Q2 2018DATE BUYER TARGET EV ($M)
EV / (1)
REVENUEEV /
EBITDACOMPANY DESCRIPTION TARGET SEGMENT
TARGETLOCATION
Jun-18 - - - ERP reporting SaaS ERP
Jun-18 70.0(2) 10.0x(2) -Manufacturing machine learning-based visual data
analytics SaaSOther Vertical
Jun-18 195.0(3) 7.8x(3) - Commercial and clinical data analytics SaaS HealthTech
Jun-18 120.0 24.0x(2) -DevOps incident management, collaboration &
documentation SaaSInfrastructure
Jun-18 1,556.2 14.6x n.m.Corporate performance management (CPM), budgeting
and forecasting, financial analytics & reporting SaaSERP
Jun-18 7,500.0 - -Software project management and team collaboration
SaaSInfrastructure
May-18 525.0(2) 4.2x(2) n.a.
SIEM platform combining user and entity behaviour
analytics, network traffic, security automation and
orchestration
Security
May-18 8,400.0(2) 3.8x(2) 9.3x(2) Modular multi-cloud management solutions Infrastructure
May-18 1,680.0 11.2x -Commercial and open-source e-commerce software for
online merchantsAdTech / MarTech
May-18 10.9 1.2x -ERP software and related systems integration services for
SMEsERP
May-18 17.9 5.9x - Order, inventory and warehouse management SaaS ERP
May-18 12.0 30.0x - AI-enabled online retail personalized search SaaS AdTech / MarTech
Apr-18 454.0 13.0x n.a. Contextual advertising enablement SaaS AdTech / MarTech
Apr-18 149.3 1.3x - Workforce management SaaS HCM
Apr-18 450.0(2) 6.4x(2) 22.5x(2) Healthcare workforce management, optimization and
scheduling SaaSHealthTech
Apr-18 1,200.0 6.0x(4) -Construction industry ERP, accounting, content and
collaboration SaaSOther Vertical
Apr-18 150.0 6.0x - Public sector data SaaS Other Vertical
Apr-18 800.0(2) 6.7x(2) 17.8x(3) Network adaptive privilege, identity management and
incident responseSecurity
(1) In certain cases EV/Revenue are publicly reported estimates; TTM financials have been used where possible; EV = transaction value scaled to 100% shareholding plus net debt (incl. minority interest)
(2) Based on 451 Research estimates; (3) Includes Medidata’s 6% ownership in SHYFT Analytics; multiple based on projected revenue run rate of $25m(4) Based on projected CY19 non-GAAP revenueNote: Earn-out considerations excluded in calculation of Enterprise Value Sources: Press releases, Capital IQ, Mergermarket, 451 Research and Results analysis
11
ENTERPRISE SOFTWARE: SELECTED FUNDRAISINGS IN Q2 2018DATE COMPANY
TYPE OF ROUND
FUNDSRAISED ($M)
INVESTOR PARTICIPATION COMPANY DESCRIPTIONTARGET
SEGMENTCOMPANYLOCATION
Jun-18 Series E 120.0 Blackstone Tactical Opportunities AI-based advanced threat prevention Security
Jun-18 Series E 200.0Accel, CapitalG, General Atlantic, Institutional
Venture Partners, March Capital Partners
Cloud-based endpoint protection
platformSecurity
Jun-18 Series A 17.4 Goldman Sachs, Temasek HoldingsAI-based NLP for finance and law
businessesOther Vertical
Jun-18Private
Equity360.0
Goldman Sachs, Kohlberg Kravis Roberts (KKR) &
Co. Low-code application development Infrastructure
May-18 Series E 250.0
AmEx Ventures, CreditEase Fintech, Goldman
Sachs, GP Bullhound, H14, HSBC, Notion, PSP
Investments, Santander InnoVentures
Supply chain payments and
marketplaceERP
May-18 Series C 34.0Benhamou Global Ventures, Hi Inov, Idinvest
Partners, Partech, SNCF Digital Ventures
Continuous deployment cloud hosting
solutionInfrastructure
May-18 Secondary 175.0Andreessen Horowitz, Institutional Venture Partners,
T. Rowe Price, TPG Growth
Endpoint, detection and response
platformSecurity
May-18 Series B 25.0 Lightspeed Venture Partners, WestBridge Capital Healthcare big data platform HealthTech
May-18 Series B 15.0 Digital+ Partners AI-based collaboration software ERP
May-18 Series D 125.0
Andreessen Horowitz, Disruptive Tech. Advisers,
HPE, Khosla Ventures, KDT, Qatar IA, T. Rowe Price,
Two Sigma Ventures, ZWC
Container orchestration platform Infrastructure
May-18 Series C 25.0 Hercules Capital, Pinnacle Ventures, Rho VenturesCloud-based integrated payroll and
payments processing platformERP
May-18 Venture 41.0City Securities Corp., Morgan Stanley, One Peak
PartnersData analytics-based business solutions Analytics
Apr-18 Series B 20.0 MIG AG, New Enterprise AssociatesIndustrial IoT and AI-based analytics to
increase asset availabilityOther Vertical
Apr-18 Series C 60.0 CRV, General Catalyst, Sequoia Capital Conversational marketing platformAdTech /
MarTech
Apr-18 Venture 24.7eCAPITAL Entrepreneurial Partners AG, Iris Capital,
Wecken & Cie
Business intelligence and corporate
performance management solutionsERP
Apr-18 Strategic Undisc. HgFully-integrated business management
softwareERP
Apr-18 Series E 60.0
Accel, Bain Capital Partners, e.ventures, Flybridge
Capital Partners, Greycroft, New Amsterdam
Growth Capital, Tribeca Venture Partners
SaaS operations management platform Infrastructure
Apr-18Private
Equity172.0 Kohlberg Kravis Roberts (KKR) & Co.
Enterprise IT service management and
asset managementInfrastructure
Note: See other selected quarterly books for further analysis of related segmentSources: Press releases, Capital IQ, Results analysis
PURE PLAY SAAS
13
RI PURE PLAY SAAS INDICES
90
100
110
120
130
140
150
160
170
180
190
200
Jun 17 Jul 17 Aug 17 Sep 17 Oct 17 Nov 17 Dec 17 Jan 18 Feb 18 Mar 18 Apr 18 May 18
Large Cap Mid Cap Small Cap Pure play SaaS Index NASDAQ Comp
Notes: Based on share prices as at 30th June 2018; indices weighted by market capitalisationSources: Capital IQ and Results analysis
LAST
12
MO
NTH
SH
AR
E P
RIC
E P
ER
FO
RM
AN
CE (
%)
44.8%44.6%
33.5%
22.3%
59.5%
Q2 2018 PERFORMANCE
Large Cap 10.9%
Mid Cap 21.1%
Small Cap 26.1%
Pure play SaaS 13.0%
Jun-18Jul-17 Aug-17 Sep-17 Jan-18 Feb-18Oct-17 Nov-17 Dec-17 Apr-18 May-18Mar-18
14
PURE PLAY SAAS: LARGE & MID CAP SHARE PRICE PERFORMANCE
57.5%
24.9%
62.7%
13.2%
(1.2%)
22.5%
53.3%
25.4%
6.3% 3.0%
32.7%
(5.5%)
90.7%
79.3%
106.6%
(7.6%)(20.0%)
(10.0%)
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
90.0%
100.0%
110.0%
17.3%
(4.7%)
4.2%
11.3%
5.6% 7.0%5.3% 6.3%
28.3%
21.3%
12.9%15.8%
29.5%
15.9%
37.7%
(10.0%)
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
(1) This company IPO’d within the last 12 months, the share price movement represents the change between the stock’s IPO date and 30th June 2018Note: Based on share prices as at 30th June 2018Sources: Capital IQ and Results analysis
Q2
20
18
LARGE CAP MID CAP
LAST
12
MO
NTH
S
(1)
(1)
15
PURE PLAY SAAS: SMALL CAP SHARE PRICE PERFORMANCE
41.9%
15.2%
91.8%
114.8%
21.5%
36.0%
8.6%
33.2%
21.6%
47.5%
67.9%
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
120.0%
140.0%
(0.8%)
14.7%
29.1%
36.4%
10.8%
36.0%
8.6%
33.2%
54.4%
(4.9%)
13.1%
(10.0%)
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
(1) This company IPO’d within the last 12 months, the share price movement represents the change between the stock’s IPO date and 30th June 2018Note: Based on share prices as at 30th June 2018Sources: Capital IQ and Results analysis
LAST
12
MO
NTH
SQ
2 2
01
8
SMALL CAP
(1)(1)
(1)
(1)(1)
(1)
16
PURE PLAY SAAS: PUBLIC COMPANY VALUATION BENCHMARKS
28.1 x
30.4 x
28.1 x
30.2 x
26.5 x
27.0 x
27.5 x
28.0 x
28.5 x
29.0 x
29.5 x
30.0 x
30.5 x
31.0 x
Large Cap Mid Cap Small Cap Pure play SaaS
25.9%
19.2%
4.9%
17.8%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
Large Cap Mid Cap Small Cap Pure play SaaS
7.3 x7.8 x
9.8 x
7.7 x
0.0 x
2.0 x
4.0 x
6.0 x
8.0 x
10.0 x
12.0 x
Large Cap Mid Cap Small Cap Pure play SaaS
17.3% 17.9%
23.2%
17.8%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
Large Cap Mid Cap Small Cap Pure play SaaS
REVENUE GROWTH (2018-19E) EV / REVENUE 2018E
EBITDA MARGIN 2018E EV / EBITDA 2018E
(1) Pure play SaaS represents the median of all stocks in Large Cap, Mid Cap and Small Cap, with no weighting applied
Notes: EV = Enterprise Value; financials calendarised to December year end; median values reportedSee Selected Publicly Traded Companies (slide 23) for details of companies included in each categorySources: Capital IQ and analyst reports
17
PURE PLAY SAAS: PUBLIC COMPANY VALUATION PERFORMANCE
OVER TIME
30.2 x
26.3 x
15.0x
20.0x
25.0x
30.0x
35.0x
40.0x
Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18
EV / CY EBITDA
Median
7.7 x
5.7 x
2.0x
3.0x
4.0x
5.0x
6.0x
7.0x
8.0x
Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18
EV / CY Revenue
Median
16(1)
(1) Number of companies with applicable multiples in Q2 2018 indexNotes: EV = Enterprise Value; financials calendarised to December year end, which can impact the multiples at the start of each year as the base is shifted forward; weekly tracking of valuation multiples commenced in July 2015, October 2014 – June 2015 tracked on a quarterly basis, therefore a linear progression has been assumed between quarters up to July 2015. Dotted line represents median since data has been tracked.Source: Capital IQ
LTM Q2 2018
% CHANGE
Median 21.2% 17.5%
LTM Q2 2018
% CHANGE
Median 10.1% 8.5%
27(1)
Q1-16Q2-15 Q3-15 Q4-15Q1-15Q4-14 Q3-16 Q4-16Q2-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18
Q1-16Q2-15 Q3-15 Q4-15Q1-15Q4-14 Q3-16 Q4-16Q2-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18
PUBLICLY TRADED COMPS
19
ENTERPRISE SOFTWARE: SELECTED PUBLICLY TRADED COMPANIES –
VERTICAL
OPERATING METRICS VALUATION METRICS
PRICE ($) % OF 52 MARKET TOTAL NET ENTERPRISE REVENUE REV. GROWTH GROSS MARGIN REVENUE EBITDA
COMPANY (30-JUN-18) WEEK HIGH CAP CASH DEBT VALUE CY2018 CY18-19 HISTORICAL CY2018 CY2019 CY2018 CY2019 CY2018 CY2019
ADTECH
MARTECH
EBITDA MARGIN
Note: Calendarised to December year end; $ millions, except share price data; multiples capped at 20x EV / Revenue and 50x EV / EBITDA; net debt includes minority interest Source: Capital IQ
20
ENTERPRISE SOFTWARE: SELECTED PUBLICLY TRADED COMPANIES –
VERTICAL
Note: Calendarised to December year end; $ millions, except share price data; multiples capped at 20x EV / Revenue and 50x EV / EBITDA; net debt includes minority interest Source: Capital IQ
OPERATING METRICS VALUATION METRICS
PRICE ($) % OF 52 MARKET TOTAL NET ENTERPRISE REVENUE REV. GROWTH GROSS MARGIN REVENUE EBITDA
COMPANY (30-JUN-18) WEEK HIGH CAP CASH DEBT VALUE CY2018 CY18-19 HISTORICAL CY2018 CY2019 CY2018 CY2019 CY2018 CY2019
HEALTHTECH
OTHER VERTICAL
EBITDA MARGIN
21
ENTERPRISE SOFTWARE: SELECTED PUBLICLY TRADED COMPANIES –
HORIZONTAL
Note: Calendarised to December year end; $ millions, except share price data; multiples capped at 20x EV / Revenue and 50x EV / EBITDA; net debt includes minority interest Source: Capital IQ
OPERATING METRICS VALUATION METRICS
PRICE ($) % OF 52 MARKET TOTAL NET ENTERPRISE REVENUE REV. GROWTH GROSS MARGIN REVENUE EBITDA
COMPANY (30-JUN-18) WEEK HIGH CAP CASH DEBT VALUE CY2018 CY18-19 HISTORICAL CY2018 CY2019 CY2018 CY2019 CY2018 CY2019
ERP
ANALYTICS
HCM
EBITDA MARGIN
22
ENTERPRISE SOFTWARE: SELECTED PUBLICLY TRADED COMPANIES –
INFRASTRUCTURE & SECURITY
Note: Calendarised to December year end; $ millions, except share price data; multiples capped at 20x EV / Revenue and 50x EV / EBITDA; net debt includes minority interest Source: Capital IQ
OPERATING METRICS VALUATION METRICS
PRICE ($) % OF 52 MARKET TOTAL NET ENTERPRISE REVENUE REV. GROWTH GROSS MARGIN REVENUE EBITDA
COMPANY (30-JUN-18) WEEK HIGH CAP CASH DEBT VALUE CY2018 CY18-19 HISTORICAL CY2018 CY2019 CY2018 CY2019 CY2018 CY2019
INFRASTRUCTURE
SECURITY
EBITDA MARGIN
23
ENTERPRISE SOFTWARE: SELECTED PUBLICLY TRADED COMPANIES –
PURE PLAY SAAS
Note: Calendarised to December year end; $ millions, except share price data; multiples capped at 20x EV / Revenue and 50x EV / EBITDA; net debt includes minority interest Note: Market cap classifications categorised by CY2018E revenue: Large Cap: revenues greater than $750m; Mid Cap: revenues between $250m and $750m; Small Cap: revenues less than $250mSource: Capital IQ, broker reports
PRICE ($) % OF 52 MARKET TOTAL NET ENTERPRISE REVENUE SUBSCRIPTION REV. GROWTH GROSS MARGIN
COMPANY (30-JUN-18) WEEK HIGH CAP CASH DEBT VALUE ($M) CY2018 HISTORICAL CY18-19 HISTORICAL CY2018 CY2019 CY2018 CY2019 CY2018 CY2019
LARGE CAP
MID CAP
SMALL CAP
REVENUE EBITDAEBITDA MARGIN
VALUATION METRICSOPERATING METRICS
24
THE TECH REPORT: SUBSECTORS
In addition to this summary, we produce separate quarterly reports that focus specifically on; Digital Services (Digital Horizon),
Cybersecurity (Cyberscope), HealthTech (HealthTech Heartbeat) and Marketing Technology (MarTech Barometer). You can find
these reports on our website or by clicking on the icons below. Alternatively, you can contact one of our team members on the
details overleaf.
HEALTHTECH
HEARTBEATCYBERSCOPE MARTECH
BAROMETER
DIGITAL
HORIZONENTERPRISE
STACK
25
GET IN TOUCH
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