Professional Documents
Culture Documents
CP SaaS Market Overview
CP SaaS Market Overview
Centaur Partners
Mergers & Acquisitions, Private Placement Advisory, and Transaction Consulting
130
125
120
115
110
12%
105
100
95
90
85
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
SaaS (Horizontal)
SaaS (Vertical)
IT Security
NASDAQ
IT Infrastructure
Big Data
29%
24%
11%
3%
2%
9%
Jan
15% - 25%
5% - 15%
Median EV/Rev: 2.8x
Median EV/EBITDA: 7.4x
12 companies
5 companies
CHKP , VDSI , AVG, VMW ,
SYMC , CA , CTXS , OTEX , TDC AKAM, FFIV, SWI, ROVI, PRGS
, JCOM, LOGM, MSTR
Median EV/Rev: 1.2x
Median EV/EBITDA: 5.1x
2 companies
CTCT, NTAP
Medians
15% - 25%
Median EV/Rev: 3.7x
Median EV/EBITDA: 12.3x
8 companies
CUDA, QLYS, RHT , ANET,
MDSO, CSOD, FLTX, ZIXI
Median EV/Rev: 4.8x
Median EV/EBITDA: 22.4x
9 companies
7 companies
CVLT , PEGA , GWRE, RP, SQI, FTNT, CYBR, GIMO, ULTI, SPSC,
CARB, IL, LOCK, GDDY
CRM, ATHN
Median EV/Rev: 1.3x
Median EV/EBITDA: 16.3x
<15%
>25%
<5%
Medians
>25%
Median EV/Rev: 5.6x
Median EV/EBITDA: 18.7x
3.5 EV/Rev
9.6 EV/EBITDA
4 companies
PANW, NTCT , VEEV, ELLI
Median EV/Rev: 5.2x
Median EV/EBITDA: 32.5x
3.1 EV/Rev
14.3 EV/EBITDA
3 companies
NOW, TXTR, DATA
Median EV/Rev: 4.3x
Median EV/EBITDA: 50.9x
2.5 EV/Rev
14 companies
17 companies
16 companies
22.5 EV/EBITDA
ATEN, MOBL, BLOX, JIVE,
FEYE, IMPV, HIVE, WK, VRNS,
PFPT, VMEM, WDAY, ZEN,
SSNI, GUID , BV, UPLD, BCOV, CVT, CALD, RNG, AMBR, SAAS, CSLT, N, DWRE, BOX, MKTO,
TNGO, MRIN, ECOM, SOPH, FIVN, TNET, NMBL, QLIK, RPD, PCTY, SPLK, HDP, NEWR, PSTG,
DWCH
ALRM, XTLY
APPF, APIC
NA
2.8 EV/Rev
6.4 EV/EBITDA
1.9 EV/Rev
12 EV/EBITDA
3.3 EV/Rev
21.4 EV/EBITDA
4.7 EV/Rev
27.5 EV/EBITDA
6.4x
5.0x
4.0x
4.8x
4.8x
4.2x
4.2x
3.0x
5.1x
3.5x
2.8x
2.0x
2.5x
2.9x
1.0x
0.0x
SaaS
Mobile Payments
IT Security
Big Data
IT Infrastructure
50%
48%
40%
30%
20%
21%
26%
24%
23%
16%
10%
8%
9%
12%
13%
0%
SaaS
Mobile Payments
IT Security
Big Data
IT Infrastructure
Forward revenue valuation levels are lower today than a year ago
Source: CapIQ 1/22/16
Mean 5.2x
Median 4.8x
Median 23.1%
Median 13.3%
Mean 4.1x
Median 3.9x
Median 13.8%
Median 21.5%
SaaS/Cloud Landscape
End User Applications
CRM
Marketing Analytics
Software as a Service
Human Resources
Finance & Accounting
Collaboration
Human Resources
Business Intelligence
Vertical
IT
Developers
Platform-as-a-Service
Infrastructure-as-a-Service
Without SaaS/Cloud
Capabilities
Public
Private
Public
Private
Investments
Large Suite
Vendors
Selected
Pure-Play
SaaS/Cloud
Suite
Vendors
Selected
Vendors
with Point
Solutions
Buyer
Dell
Intel
EMC
Avago
Verizon
WD
Nokia
Target
EMC
Altera
Virtustream
Broadcom
AOL
SanDisk
Alcatel-Lucent
Value
$67B
$16.7B
$1.2B
$37B
$4.4B
$19B
$16.5B
(1)
(2)
(3)
(4)
Partners Confidential
10
($ in millions)
LTM
Announced
Acquirer
Target
Target Description
LTM TEV
TEV
Eq Value
Rev
EBITDA
Rev
EBITDA
05/14/14
310.0
NA
25.0 x
NA
12.4 x
NA
07/31/14
550.0
NA
41.0 x
NA
12.2 x
NA
7561.0
7222.0
668.0 x
110.1 x
10.6 x
362.0 x
200.0
NA
21.8 x
NA
9.2 x
NA
89.0
NA
11.0 x
NA
8.1 x
NA
150.0
NA
20.0 x
NA
7.5 x
NA
420.0
NA
63.0 x
NA
6.7 x
NA
04/28/14
185.0
NA
30.0 x
NA
6.2 x
NA
06/10/14
Provides online and social media content analytics and data aggregation SaaS
150.0
NA
26.0 x
NA
5.8 x
NA
01/30/14
666.5
NA
168.5 x
NA
4.0 x
25.9 x
09/18/14
SAP
04/23/15
Netsuite
Bronto Software
05/06/14
05/06/14
02/24/14
Adometry
Oracle
BlueKai
11
Adobe
Amazon
Colis Prive, Safaba Translation Solutions, Elemental Technologies, Orbeus, Appthwack, Clusterk, Shoefitr,
2lemetry, Annapurna Labs, GoodGame Agency, Rooftop Media, Twitch Interactive, Blindsight, Iconology
Amazon
Google
ThumbSpot, BeBop Technology, Fly Labs, Lake Turkana, Digisfera, Divshot, Deutshe Forschungszentrum, Jibe
Mobile, Pixate, Titan Outdoor, Control Group, Agawi
Google
HP
Enterpr
HP
ActiveState's Stackato Unit, NetCam Systems, ConteXtream, Mind Pirate, Aruba Networks, Voltage Security,
Eucalyptus Systems, Shunra Software, Digital Risk, HIFLEX GmbH, H3C Technologies, Palm, Autonomy Corp.
IBM
IBM
Clearleap, Gravitant, The Weather Company's Product Unit, Cleversafe, Deloitte's Revisionsaktieselskab,
Meteorix, Advanced Application, StrongLoop, Appcore, Merge Healthcare, Compose, Blue Box Group
Microsoft
NetSuite
Microsoft
Metanautix, Secure Islands, Mobile Data Labs, Telekinesys Research, Adxstudio, Double Labs, Adallom,
VoloMetrix, Incent Games, FieldOne Systems, BlueStripe Software
Oracle
NetSuite
Monexa Solutions, Bronto Software, TribeHR, OrderMotion, Element Fusion, Retail Anywhere, QuickArrow
Oracle
Maxymiser, DataLogix Holdings, Front Porch Digital, TOA Technologies, MICROS Systems, LiveLOOK,
GreenBytes, Blue Kai, Corente, Responsys, Bitzer Mobile, BigMachines, Compendium Software
Salesforc
e
SAP
VMware
Workday
0
20
2011
40
2012
60
2013
2014
80
2015
100
Salesforce.com
MinHash, AKTA, Kerensen Consulting, Tempo AI, Toopher, RelateIQ, Cloudconnect, Edgespring, ExactTarget,
Entropysoft, Pasona Tquila, BlueTail, Golnstant, Thinkfuse, ChoicePass, Buddy Media,Stypi, 2Catalyze
SAP
Multiposting SASU, Concur Technology, OpTier, SeeWhy, Fieldglass, Hyfiniti, KXEN, hybris AG, KMS Software,
Camilion Solutions, SmartOps, Ticket-Web GmbH, Ariba, Syclo, datango AG, LiftDNA, SuccessFactors
Vmware
Boxer, Immidio B.V., MomentumSI, Continuent, CloudVolumes, Third Sky, Airwatch, Desktone, WaveMaker
Software, Virsto Software, Pattern Insight, Nicira, DynamicOps, Wanova, Cetas, PacketMotion
Workday
MediaCore, Identified, Cape Clear Software
12
Cisco
Kii Corporation, Kumu Networks, VelocCloud, Innovid, Platfora, WorldSensing S.L.N.E., Sensity
Systems, 6Wind, Qwilt, Evrthng Limited, Piston Cloud Computing, MuleSoft, Bit Stew Systems,
Flashpoint Global, One Mobikwik Systems, HyTrust, Innovid, CloudVelox, Team8, Alchemist
Accelerator, Shanghai Ketong, Stratoscale, Loggly, eSentire, ActionPacked Networks
Cisco
Google
Flurish, Plexxi, Shape Security, Alector, Flatiron Health, One Medical Group, Jet.com, Tiny RX,
Udacity, ClassPass, HiveMapper, SOCOMO Technologies, CollectiveHealth, Mobvoi,
EmergentVR, Niantic, Symphony Communication Services, Thumbtack, Medium
Intel
MariaDB, IP Commerce, GigaSpace Technologies, Savioke, Trigence Semiconductor, NextInput,
SBA Materials, Eyefluence, Schoology, JBF Interlude, LISNR, What3Words, Chargifi, Prieto
Battery, Perfant Technology, Microprogram Information, Sckipio, Parrallel Machines, Two Bit
Circus, Arrayent, 99cloud, Bluebank Communication Technology
Intel
Microsoft
SnapLogic, Teambition, Uber, Turbodealer, Teamkey, Innomedia, Kurerra, SponsorByuro,
FitnessClubs.Pro, Labrika,Tekhnovizor, Turbodealer, Otkrytoe kladbishe, InsideSales.com,
Unify Square, Reveal Chat, Playtabase, Wallflowr, ISI Technology
Microsoft
Qualcom
m
Qualcomm
Swift Navigation, MindTickle Interactive, Attune Technologies, Bracket Computing, SJ
Semiconductor, Kaleo Software, Reverie Language Technologies, Loggi Tecnologia, Siklu
Communication, YourStory Media, MyPoolin, Workspot, Matterport, Curbside, WorldVu
Satellites, MangoPlate, Meus Pedidos Software, Mantis Vision, Cohesity, Bitbar Technologies,
Zeek Mobile, Zesty Limited
Salesforc
e
0
50
100
2013
2014
150
2015
2016
200
250
Salesforce
Buidscale, Hottolink, FinanceApp, San San, Pierry, Fluidio, MapAnything, Full Circle Insights,
BrightFunnel, Toreta, Gainsight, Cogito, BizGround, Moneytree, FollowAnalytics, Uhuru,
SteelBrick, Pendo.io, Optimizely, Tectonic, Wrap Media, Apttus, FastMedia, OneMob,
PersistIQ, Radius Intelligence, Bislr, IntroHive
13
Adobe
Livefyre, Gigya, Demandbase, PlayJam, Bunchball
Amazon
Invoxia SAS, Musaic, Rachio, Who What Wear, A & A Dukaan Financial, Dragon
Innovation, alottazs labs, QwikCilver Solutions, Wikia, Shanghai Yummy77, Acquia,
Colis Prive, The Talk Market, Songza Media, LivingSocial, WhoSay, Cirtas Systems,
ParAccel, Cicekspeti Internet Hizmetleri, Foxit Software, Yieldex
Dell
Cylance, DocuSign, Exablox, Nexenta, Lastline, Invincea, CorrelSense, Skyera,
Mirantis, Qliance Medical Management
eBay
Adobe
Amazon
Dell
Ebay
IBM
HP
Enterprise
SAP
Seagate
Vmware
Workday
Western
Digital
0
10
2013
15
2014
2015
20
25
30
2016
Workday
Tidemark Systems, Anaplan, Datameer
Western Digital
Tegile Systems, Amplidata, Avere Systems, Hightail, Everspin Technologies
Source: CapitalIQ, Crunchbase 1/22/16
14
FYE
Price
31-Jan
31-Jan
31-Dec
31-Dec
30-Jun
31-Dec
31-Dec
31-Dec
30-Jun
31-Dec
31-Dec
31-Mar
31-Dec
31-Dec
31-Jan
31-Dec
31-Dec
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-Jan
31-Dec
31-Dec
31-Dec
31-Dec
$70.9
$67.9
$76.3
$72.4
$25.2
$174.2
$73.9
$23.1
$33.7
$44.2
$31.2
$30.7
$54.4
$20.9
$10.2
$29.4
$13.0
$15.7
$23.2
$62.4
$29.4
$16.7
$8.4
$8.3
$13.2
$6.1
$7.4
$3.6
$12.3
$12.6
$8.2
$4.5
$6.9
$9.0
$5.9
$4.1
$7.0
% 52-wk
High Dil Shares
96%
84%
97%
78%
101%
91%
101%
94%
91%
72%
86%
91%
93%
95%
57%
95%
76%
51%
81%
92%
62%
88%
82%
74%
77%
50%
103%
49%
74%
66%
59%
91%
81%
64%
77%
48%
68%
654
189
153
78
146
30
48
81
50
36
54
41
26
69
95
41
94
73
42
17
38
53
61
57
15
56
50
80
28
25
39
58
12
27
33
26
14
Market
Cap
Cash & ST
Debt
Ent. Val
(Diluted)
2015A
EV/Rev
2016E
2017E
2015A
$47,051
$13,167
$12,138
$5,755
$5,257
$4,991
$3,586
$2,049
$1,713
$1,666
$1,699
$1,494
$1,363
$1,484
$1,205
$1,233
$1,244
$1,099
$1,005
$1,037
$1,004
$938
$518
$481
$443
$350
$373
$292
$342
$316
$322
$252
$200
$245
$191
$109
$109
$1,358
$1,896
$729
$372
$223
$129
$358
$281
$79
$183
$214
$189
$246
$132
$215
$159
$332
$146
$113
$123
$174
$96
$107
$57
$40
$41
$60
$110
$136
$59
$37
$24
$52
$63
$24
$22
$29
$2,064
$508
$467
$281
$0
$8
$600
$0
$0
$0
$231
$0
$0
$20
$48
$0
$0
$505
$3
$0
$0
$0
$81
$78
$0
$0
$47
$57
$0
$2
$5
$0
$16
$0
$2
$23
$26
$53,454
$14,083
$13,749
$6,727
$6,269
$5,508
$4,302
$2,081
$2,082
$1,875
$1,917
$1,588
$1,506
$1,614
$1,506
$1,329
$1,061
$1,715
$1,145
$1,071
$1,005
$970
$580
$570
$477
$368
$439
$316
$242
$310
$314
$267
$216
$205
$191
$136
$107
9.9x
17.9x
13.7x
9.1x
19.6x
8.9x
6.0x
10.1x
13.6x
8.0x
5.6x
14.4x
5.6x
5.5x
7.0x
7.1x
1.8x
0.6x
5.5x
6.8x
6.1x
5.6x
2.6x
2.1x
6.4x
1.5x
3.5x
1.7x
2.3x
3.2x
1.4x
4.9x
3.5x
1.5x
1.4x
2.0x
1.5x
8.0x
12.2x
10.0x
7.0x
NM
7.3x
5.2x
7.2x
9.8x
6.2x
4.4x
9.0x
4.7x
4.4x
5.0x
5.7x
1.6x
0.6x
4.1x
5.5x
5.0x
4.6x
2.2x
1.9x
4.5x
1.4x
3.0x
1.6x
2.2x
2.7x
1.3x
4.4x
2.9x
1.4x
1.3x
1.8x
1.5x
6.6x
9.1x
7.6x
5.4x
NM
6.0x
4.7x
5.4x
7.6x
4.8x
3.6x
6.8x
4.1x
3.7x
3.8x
4.7x
1.4x
0.5x
3.2x
4.6x
4.1x
3.9x
1.9x
1.7x
3.2x
1.3x
2.5x
1.4x
1.9x
2.4x
1.2x
3.7x
2.3x
1.3x
1.2x
1.5x
1.3x
NM
NM
NM
NM
NM
NM
13.2x
NM
NM
NM
NM
NM
22.1x
NM
NM
NM
14.8x
11.5x
NM
NM
18.5x
NM
NM
14.4x
NM
17.2x
NM
NM
12.2x
NM
16.2x
18.4x
NM
7.8x
NM
NM
NM
NM
NM
NM
NM
NM
NM
11.3x
NM
NM
NM
NM
NM
19.2x
NM
NM
NM
11.3x
9.8x
NM
NM
15.4x
NM
NM
12.8x
NM
13.6x
NM
NM
10.9x
NM
13.9x
15.1x
NM
6.8x
21.5x
NM
17.4x
Mean:
Median:
6.4x
5.5x
4.5x
4.4x
3.7x
3.4x
15.1x
14.8x
13.5x
13.6x
EV/EBITDA
2016E
2017E
2015A
P/E
2016E
2017E
NM
NM
NM
NM
NM
24.6x
9.9x
NM
NM
NM
NM
NM
15.4x
NM
NM
NM
9.1x
8.1x
NM
NM
12.5x
NM
24.2x
NM
NM
12.1x
NM
NM
9.3x
NM
9.4x
NM
NM
NM
16.4x
NM
12.9x
NM
NM
NM
NM
NM
NM
18.1x
NM
NM
NM
NM
NM
33.7x
NM
NM
NM
20.9x
15.9x
NM
NM
44.3x
NM
NM
NM
NM
47.1x
NM
NM
44.2x
NM
24.0x
22.7x
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
NM
15.3x
NM
NM
NM
NM
NM
30.5x
NM
NM
NM
16.9x
12.9x
NM
NM
36.2x
NM
NM
NM
NM
25.9x
NM
NM
37.0x
NM
21.5x
17.1x
NM
48.3x
NM
NM
NM
NM
NM
NM
NM
NM
43.4x
13.5x
NM
NM
NM
NM
NM
25.8x
NM
NM
NM
14.7x
10.6x
NM
52.7x
28.8x
45.4x
NM
23.6x
NM
20.1x
NM
NM
30.6x
NM
13.6x
13.0x
NM
31.0x
41.9x
NM
33.3x
13.7x
12.3x
30.1x
24.0x
26.2x
23.7x
27.2x
27.3x
15
% 52-wk
Ent. Val
Company
Vertically Focused
athenahealth, Inc.
FYE
Price
High
Dil Shares
Market
Cap
31-Dec
$149.6
98%
39
$5,808
$118
$300
31-Jul
31-Jan
31-Dec
$54.4
$24.4
$43.8
96%
86%
82%
73
145
56
$3,889
$3,249
$2,425
$537
$339
$287
$0
$0
$250
31-Dec
$43.6
82%
39
$1,680
$189
31-Dec
31-Dec
31-Dec
31-Dec
$65.3
$20.7
$15.9
$3.5
78%
94%
71%
34%
31
77
26
93
$1,948
$1,626
$415
$330
$110
$19
$73
$147
31-Dec
$3.1
42%
36
$115
$33
Cash & ST
Debt
(Diluted)
EV/Rev
Price/FCF
P/E
2015A
2016E
2017E
2015A
2016E
2017E
2015A
2016E
2017E
$6,647
7.2x
6.0x
5.0x
NM
NM
23.4x
NM
NM
NM
$3,889
$3,509
$2,737
10.2x
11.2x
6.9x
9.4x
8.7x
5.8x
8.4x
6.9x
4.9x
NM
NM
NM
NM
NM
23.5x
NM
23.4x
18.7x
NM
NM
50.4x
NM
51.8x
40.6x
NM
42.7x
31.8x
$27
$1,832
6.4x
5.3x
4.6x
20.0x
16.1x
13.0x
29.9x
24.8x
19.8x
$5
$44
$0
$0
$1,832
$1,801
$508
$248
7.3x
3.9x
5.9x
3.3x
6.0x
3.4x
4.5x
2.5x
4.7x
3.1x
3.5x
1.8x
NM
20.0x
NM
NM
22.0x
17.2x
NM
NM
15.3x
14.6x
15.1x
NM
44.6x
39.1x
NM
NM
37.1x
33.2x
33.7x
NM
27.0x
27.8x
18.5x
NM
$3
$104
1.0x
0.9x
0.9x
NM
NM
14.9x
NM
NM
NM
Mean:
Median:
6.3x
6.7x
5.2x
5.6x
4.4x
4.6x
20.0x
20.0x
19.7x
19.6x
17.3x
15.2x
41.0x
41.9x
36.9x
35.4x
27.9x
27.4x
16
14-'15
Revenue Growth
15-'16
16-'17
MRQ Gross
Margin
2015A
EBITDA Margin
2016E
2017E
2015A
FCF Margin
2016E
2017E
32%
68%
47%
33%
49%
22%
20%
62%
40%
46%
30%
75%
22%
33%
74%
31%
23%
22%
40%
24%
23%
27%
28%
8%
57%
14%
22%
14%
3%
15%
4%
9%
29%
12%
7%
6%
8%
24%
47%
37%
30%
NA
23%
15%
40%
39%
29%
28%
59%
19%
24%
38%
24%
16%
14%
32%
22%
23%
22%
18%
7%
42%
9%
17%
4%
7%
16%
7%
12%
24%
8%
8%
11%
5%
22%
34%
32%
30%
NA
22%
10%
33%
29%
28%
22%
34%
15%
21%
31%
22%
13%
18%
30%
20%
22%
18%
18%
11%
42%
9%
21%
11%
11%
13%
11%
17%
24%
10%
9%
17%
11%
75%
67%
69%
66%
84%
61%
83%
69%
55%
71%
69%
79%
88%
71%
70%
70%
78%
15%
66%
69%
79%
61%
52%
72%
54%
74%
54%
62%
68%
80%
50%
83%
59%
72%
66%
45%
62%
3%
NA
15%
7%
3%
24%
45%
NA
NA
8%
1%
NA
25%
2%
NA
13%
12%
6%
NA
14%
33%
10%
6%
14%
NA
9%
NA
NA
19%
NA
9%
26%
NA
19%
5%
NA
5%
18%
7%
19%
7%
NA
25%
46%
1%
8%
8%
9%
NA
24%
5%
NA
11%
14%
6%
NA
14%
32%
12%
7%
15%
NA
10%
NA
0%
20%
0%
10%
29%
NA
20%
6%
NA
8%
20%
8%
21%
8%
NA
24%
47%
8%
10%
9%
NA
NA
26%
8%
NA
13%
15%
6%
NA
15%
33%
13%
8%
NA
4%
11%
4%
5.6%
21%
4%
13%
NA
NA
NA
7%
NA
10%
19%
14%
21%
7%
23%
9%
28%
NA
0%
NA
4%
NA
35%
NA
NA
2%
18%
4%
NA
4%
25%
9%
NA
NA
NA
2%
NA
9%
9%
NA
6%
19%
NA
12%
2%
NA
3%
17%
7%
23%
8%
NA
9%
29%
2%
5%
1%
8%
NA
25%
0%
NA
6%
17%
4%
NA
7%
25%
11%
0%
3%
NA
4%
NA
NA
12%
NA
6%
19%
NA
13%
3%
NA
5%
18%
8%
25%
10%
NA
11%
32%
6%
6%
3%
9%
NA
28%
5%
NA
9%
17%
2%
3%
9%
27%
11%
NA
9%
3%
7%
NA
NA
13%
NA
10%
NA
NA
13%
7%
0.1%
6%
28%
23%
21%
21%
20%
19%
66%
69%
14%
11%
14%
10%
14%
10%
11%
9%
10%
7%
11%
9%
17
Revenue Growth
Company
MRQ Gross
EBITDA Margin
FCF Margin
14-'15
15-'16
16-'17
Margin
2015A
2016E
2017E
2015A
2016E
2017E
athenahealth, Inc.
23%
20%
20%
60%
19%
21%
21%
NA
5%
6%
9%
8%
12%
57%
6%
18%
21%
14%
15%
19%
49%
29%
25%
65%
23%
29%
30%
15%
15%
20%
19%
19%
18%
78%
23%
25%
26%
17%
17%
19%
23%
21%
17%
74%
32%
33%
35%
15%
17%
17%
55%
22%
27%
67%
26%
27%
31%
9%
14%
17%
RealPage, Inc.
15%
12%
12%
57%
19%
20%
21%
13%
14%
15%
Textura Corp.
37%
31%
27%
83%
11%
18%
23%
6%
19%
25%
64%
35%
34%
56%
NA
NA
NA
NA
NA
NA
8%
6%
8%
61%
NA
0%
6%
NA
NA
1%
Mean:
30%
20%
20%
66%
20%
21%
24%
13%
15%
15%
Median:
23%
20%
19%
63%
21%
21%
23%
14%
15%
17%
Vertically Focused
18
2014A
Revenue
2015A
2016E
2017E
2015A
EBITDA
2016E
2017E
2015A
EPS
2016E
2017E
EPS
LTG
2015A
FCF
2016E
2017E
End
$4,071
$469
$683
$556
$215
$506
$599
$127
$109
$161
$264
$63
$222
$220
$124
$142
$476
$2,194
$150
$128
$134
$137
$172
$256
$48
$210
$103
$168
$102
$85
$212
$50
$47
$123
$125
$65
$65
$5,374
$788
$1,001
$739
$320
$617
$719
$206
$153
$234
$342
$110
$270
$293
$216
$187
$586
$2,679
$210
$158
$164
$173
$219
$275
$75
$239
$126
$191
$105
$98
$220
$55
$61
$137
$134
$69
$70
$8,082
$1,548
$1,809
$1,241
NA
$924
$912
$385
$274
$387
$537
$235
$371
$442
$392
$282
$766
$3,627
$360
$233
$247
$251
$304
$327
$151
$285
$179
$220
$124
$128
$260
$72
$94
$164
$158
$89
$81
$169
($156)
$153
$53
$10
$148
$326
($6)
($8)
$18
$5
($45)
$68
$6
($141)
$24
$72
$149
($18)
$22
$54
$18
$12
$40
($9)
$21
($8)
($22)
$20
($3)
$19
$14
($13)
$26
$7
($12)
$4
$1,221
$76
$256
$70
NA
$189
$381
$2
$17
$25
$37
($31)
$78
$20
($100)
$25
$94
$175
($15)
$27
$65
$26
$19
$44
($4)
$27
($1)
$0
$22
$0
$23
$18
($13)
$30
$9
($10)
$6
$1,647
$117
$386
$102
NA
$224
$432
$29
$27
$35
($0)
($22)
$98
$37
($69)
$36
$117
$211
($2)
$35
$81
$33
$24
($0)
$5
$30
$6
$12
$26
$6
$34
($0)
($10)
($0)
$12
($1)
$8
($0.42)
($1.35)
$0.29
$0.21
$0.04
$2.56
$4.07
($0.30)
($0.28)
$0.16
($0.36)
($1.98)
$1.61
($0.13)
($11.48)
$0.27
$0.62
$0.99
($0.71)
$0.78
$0.66
$0.19
($0.40)
$0.07
($0.79)
$0.13
($0.38)
($0.44)
$0.28
($0.48)
$0.34
$0.20
($6.69)
$0.10
($0.01)
($0.74)
($0.14)
$0.75
($0.05)
$0.58
$0.35
NA
$3.15
$4.82
($0.23)
$0.07
$0.21
$0.02
($0.92)
$1.78
$0.03
($1.15)
$0.26
$0.77
$1.22
($0.59)
$0.90
$0.81
$0.28
($0.33)
$0.13
($0.35)
$0.24
($0.25)
($0.13)
$0.33
($0.38)
$0.38
$0.27
($1.08)
$0.19
$0.05
($0.61)
$0.02
$0.98
$0.03
$1.02
$0.61
NA
$4.01
$5.49
($0.10)
$0.18
$0.42
$0.36
($0.68)
$2.11
$0.18
($0.88)
$0.37
$0.89
$1.48
($0.26)
$1.18
$1.02
$0.37
($0.26)
$0.35
($0.17)
$0.30
($0.10)
($0.05)
$0.40
($0.27)
$0.60
$0.35
($0.60)
$0.29
$0.14
($0.39)
$0.21
27%
36%
47%
19%
NA
24%
17%
30%
30%
38%
20%
25%
20%
25%
60%
0%
22%
20%
21%
23%
28%
28%
17%
15%
30%
20%
77%
0%
15%
0%
18%
18%
0%
28%
15%
0%
20%
$1,026
$112
$207
$51
$74
$56
$202
($20)
$0
($9)
$15
($18)
$94
($9)
($46)
$3
$105
$116
($15)
$6
$41
$15
($6)
($5)
($12)
$4
($15)
$17
$10
($9)
$14
$10
($10)
$17
$3
($15)
$2
$1,156
$79
$321
$81
NA
$72
$238
$6
$11
$2
$34
($30)
$80
$1
($141)
$15
$116
$122
($7)
$13
$50
$24
$0
$10
($4)
$11
($10)
($14)
$13
($13)
$13
$12
($12)
$19
$5
($9)
$3
$1,435
$121
$456
$121
NA
$101
$290
$23
$17
$13
$46
($24)
$103
$22
($71)
$24
$133
$78
$9
$21
$66
$27
($11)
$30
$4
$19
($2)
($1)
$17
($0)
$27
($0)
($9)
$21
$12
$0
$5
10/15
10/15
09/15
09/15
09/15
09/15
09/15
09/15
09/15
09/15
09/15
09/15
09/15
09/15
10/15
09/15
09/15
09/15
09/15
09/15
09/15
09/15
09/15
09/15
09/15
09/15
09/15
10/15
09/15
09/15
09/15
09/15
10/15
09/15
09/15
09/15
09/15
$6,649
$1,158
$1,371
$958
NA
$759
$828
$289
$213
$301
$439
$176
$322
$365
$299
$231
$677
$3,064
$277
$194
$202
$212
$258
$294
$107
$261
$148
$199
$112
$113
$235
$61
$76
$148
$144
$76
$73
MRQ
Revenue Gross Profit
$1,712
$305
$261
$193
$102
$155
$179
$56
$45
$58
$87
$43
$70
$77
$79
$48
$152
$668
$55
$40
$42
$45
$56
$70
$20
$61
$32
$50
$26
$24
$57
$14
$19
$35
$34
$17
$17
$1,288
$204
$179
$127
$85
$95
$148
$39
$25
$41
$60
$34
$61
$54
$55
$34
$118
$98
$36
$28
$34
$28
$29
$50
$11
$45
$17
$31
$18
$19
$28
$12
$11
$25
$22
$8
$11
19
Revenue
Company
Vertically Focused
athenahealth, Inc.
Guidewire Software, Inc.
Veeva Systems, Inc.
Medidata Solutions, Inc.
FleetMatics Group Ltd.
Ellie Mae, Inc.
RealPage, Inc.
Textura Corp.
Castlight Health, Inc.
Marin Software, Inc.
EBITDA
EPS
EPS
FCF
MRQ
2014A
2015A
2016E
2017E
2015A
2016E
2017E
2015A
2016E
2017E
LTG
2015A
2016E
2017E
End
Revenue
Gross Profit
$753
$350
$210
$335
$232
$162
$405
$63
$46
$99
$925
$381
$313
$399
$284
$250
$466
$86
$75
$107
$1,109
$412
$405
$474
$344
$306
$524
$113
$101
$113
$1,333
$462
$508
$558
$402
$388
$585
$143
$135
$122
$179
$23
$73
$91
$92
$66
$90
$9
($63)
($11)
$230
$76
$116
$116
$114
$83
$105
$20
($47)
$0
$284
$96
$150
$147
$141
$120
$124
$34
($27)
$7
$1.32
$0.14
$0.31
$0.87
$1.46
$1.46
$0.53
$0.19
($0.69)
($0.53)
$1.74
$0.64
$0.47
$1.08
$1.76
$1.76
$0.62
$0.47
($0.50)
($0.27)
$2.19
$0.83
$0.57
$1.38
$2.19
$2.42
$0.75
$0.86
($0.28)
($0.13)
24%
20%
27%
22%
27%
22%
20%
45%
38%
0%
($12)
$54
$46
$67
$42
$24
$63
$5
($62)
($23)
$53
$63
$61
$81
$60
$43
$76
$21
($40)
($3)
$74
$86
$102
$104
$68
$67
$90
$36
($22)
$2
09/15
10/15
10/15
09/15
09/15
09/15
09/15
09/15
09/15
09/15
$236
$82
$107
$103
$73
$69
$122
$23
$20
$26
$141
$47
$70
$80
$55
$46
$69
$19
$11
$16
20
Acquirer / Target
Target Description
TEV
Eq Value
Rev
LTM
EBITDA
Rev
TEV / LTM
EBITDA
01/21/16
Reckon / SmartVault
NA
NA
NA
NA
NA
NA
01/20/16
NA
NA
NA
NA
NA
NA
01/20/16
NA
NA
NA
NA
NA
NA
01/15/16
Kronos / Empower
NA
NA
NA
NA
NA
NA
01/13/16
NA
NA
NA
NA
NA
NA
01/11/16
NA
NA
NA
NA
NA
NA
01/07/16
Aptean / AssetPoint
NA
NA
NA
NA
NA
NA
01/07/16
SterlingBackcheck / TalentWise
NA
NA
NA
NA
NA
NA
01/06/16
Designs and develops category management solutions for retailers and manufacturers
23.0
21.0
NA
NA
NA
NA
12/23/15
Salesforce / SteelBrick
Provides quote-to-cash apps that are built native on the Salesforce platform
NA
360.0
NA
NA
NA
NA
12/16/15
Carbonite / Evault
NA
14.0
NA
NA
NA
NA
12/14/15
Salesforce / MinHash
NA
NA
NA
NA
NA
NA
12/01/15
NA
NA
NA
NA
NA
NA
11/30/15
Provides digital commerce software and services for retailers, catalogers, direct marketers and
manufacturers
NA
NA
NA
NA
NA
NA
11/30/15
NA
NA
NA
NA
NA
NA
11/19/15
Provides cloud-based editorial workflow solution for the media and entertainment industry
NA
NA
NA
NA
NA
NA
11/16/15
Develops cloud-based enterprise software, but has developed a niche in targeting the
manufacturing industry
NA
NA
NA
NA
NA
NA
11/03/15
Atos / Unify
NA
369.3
NA
NA
NA
NA
11/02/15
NA
1100.0
NA
NA
NA
NA
10/29/15
Provides distributors and manufacturers with next-generation supply chain solutions to maximize
their profitability.
NA
14.0
NA
NA
NA
NA
10/15/15
Services include fulfillment and logistics, customer care, content management, eCommerce strategy
NA
168.6
NA
NA
NA
NA
10/12/15
Provides an interface between the user and businesses posting jobs on their respective websites
NA
NA
NA
NA
NA
NA
10/07/15
E-signature solutions to help businesses of all sizes prepare & sign documents
NA
85.0
NA
NA
NA
NA
10/07/15
NA
675.0
NA
NA
NA
NA
21
Acquirer / Target
Target Description
LTM
EBITDA
Rev
TEV / LTM
EBITDA
TEV
Eq Value
Rev
NA
500.0
NA
NA
NA
NA
130.0
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
10/06/15
ProQuest / Ex Libris
Provider of library automation solutions comprehensive product suite for the discovery
09/29/15
09/28/15
09/25/15
09/22/15
100.0
NA
NA
NA
3.2
NA
09/14/15
NA
3740.0
NA
NA
NA
NA
09/10/15
NA
NA
NA
NA
NA
NA
09/02/15
Capillary Technologies/MartJack
Platform that caters to retailers across internet, mobile and in-store kiosks
NA
NA
NA
NA
NA
NA
09/01/15
NA
NA
NA
NA
NA
NA
08/25/15
TIBCO/Mashery
NA
NA
NA
NA
NA
NA
08/20/15
NA
NA
NA
NA
NA
NA
08/20/15
Oracle / Maxymiser
NA
NA
NA
NA
NA
NA
08/18/15
Synacor / Zimbra
NA
24.5
NA
NA
NA
NA
08/11/15
Infor / GT Nexus
Cloud supply chain platform, provides logistics management solutions, data services and web
services
NA
675.0
NA
NA
NA
NA
08/05/15
ThomaBravo/Internet Pipeline
Provides on-demand marketing, selling, and processing solutions for insurance carriers
NA
NA
NA
NA
NA
NA
08/04/15
SurveyMonkey / TechValidate
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
157.0
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
07/20/15
07/20/15
07/06/15
07/02/15
Offers SaaS based public safety, risk and compliance, health information, and insurance solutions
NA
NA
NA
NA
NA
NA
06/30/15
NA
NA
NA
NA
NA
NA
06/17/15
Gravity4/CrossGraph
Platform that creates a social graph for leads by tracking leads connections and behaviors
NA
NA
NA
NA
NA
NA
06/09/15
Provides spend management and collaborative business process automation solutions for goods
Perfect Commerce Holdings / Hubwoo
and services in the cloud
27.5
22.6
29.0
0.6
0.7 x
36.9 x
06/02/15
Microsoft / 6 Wunderkinder
NA
NA
NA
NA
NA
NA
06/01/15
14.0
NA
NA
NA
NA
NA
22
Acquirer / Target
Target Description
TEV
Eq Value
Rev
LTM
EBITDA
Rev
TEV / LTM
EBITDA
06/01/15
Provides an online 3D character creation, rigging, and animation services for 3D professionals.
NA
NA
NA
NA
NA
NA
05/29/15
Salesforce / Tempo AI
NA
NA
NA
NA
NA
NA
05/28/15
CA / Rally Software
533.5
346.4
92.5
-28.3
5.0 x
NA
05/11/15
140.0
NA
NA
NA
NA
NA
05/11/15
Cvent / Signup4
22.0
NA
NA
NA
NA
NA
05/07/15
Tangoe / IBM's Rivermine Telecom Unit Offers telecom expense management software
22.0
NA
NA
NA
NA
NA
04/30/15
375.6
NA
NA
NA
3.0
NA
04/27/15
provides information technology (IT) and IT-enabled operations offshore outsourcing solutions and
services to large and medium-size organizations
3887.0
4453.0
1288.0
248.0
3.5 x
17.9 x
04/23/15
200.0
NA
21.8
NA
9.2
NA
04/07/15
CPPIB-Permira / Informatica
Corporation
4844.4
5267.7
1055.0
189.0
4.3 x
17.6 x
04/06/15
NA
NA
NA
NA
NA
NA
03/24/15
Lexmark / Kofax
Develops and markets intelligent capture and exchange related solutions and services
1000.0
NA
NA
NA
NA
NA
03/19/15
Rakuten / OverDrive
410.0
NA
NA
NA
NA
NA
03/18/15
AppNexus / Yieldex
100.0
NA
NA
NA
NA
NA
03/05/15
Online reservation platform, offers online channels and mobile apps to search, find and reserve
219.0
NA
NA
NA
NA
NA
02/26/15
Deltek / Hrsmart
NA
NA
NA
NA
NA
NA
02/23/15
Offers an integrated suite of accounting tax, budgeting and analytics software solutions
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
02/10/15
02/10/15
270.2
270.2
NA
NA
NA
NA
02/05/15
273.0
NA
NA
NA
NA
NA
02/03/15
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
01/21/15
Dropbox / CloudOn
Provides users to create, review and share files from any device
NA
NA
NA
NA
NA
NA
12/24/14
J2Global / Carbonite
415.0
NA
NA
NA
NA
NA
12/22/14
NA
NA
NA
NA
NA
NA
23
Target
Investors
Target Abstract
2016-01-29
NewVoiceMedia
2016-01-26
Jitterbit
KKR
2016-01-26
Vidyard
2016-01-26
Grovo
2016-01-16
Anaplan
2016-01-15
Taulia
Zouk Capital
2016-01-07
Source Intelligence
2015-12-21
Gusto
2015-12-21
Flux Factory
2015-11-02
Confer Technologies
30.0
Cloud integration solutions for connecting legacy, enterprise and On-Demand applications
20.0
35.0
40.0
90.0
45.0
17.5
50.0
Provides collaborative design software for the building design and construction industry.
29.0
17.0
11.0
2015-10-19
Conversocial
Solution that helps businesses to efficiently and securely manage customer service on social
media
2015-10-16
ND
2015-10-15
Kinnek
Thrive Capital
Platform that allows small businesses to request and receive customized quotes from suppliers
20.0
2015-10-13
Checkr
Y Combinator
10.0
2015-10-13
SteelBrick
48.0
2015-10-13
Symphony
100.0
2015-10-13
Move Guides
15.6
2015-10-12
iControl Universial
Goldman Sachs
Collaboration Solutions
20.0
2015-10-07
GoJavas
SnapDeal
20.0
2015-09-30
Workable
27.0
2015-09-30
PeopleDoc
Kernel Investissements
28.0
2015-09-29
Base CRM
Intelligent Sales Productivity Platform leveraging big data, mobility and real-time computing
30.0
2015-09-29
Llamasoft
ND
Supply chain design and predictive analytics application for large organizations
50.0
ND
12.7
2015-09-24
Conservis
25*
24
Target
Investors
Target Abstract
2015-09-23
ScribbleLive
Blue Cloud Ventures, Emerillon Capital, Northleaf Venture, Rogers Ventures, Summerhill
Content marketing platform that grows your upper funnel by combining big data insights with workflow technology
Venture, Georgian Partners
2015-09-22
Everyone Counts
Provides secure multi-channel voting solutions for voters, election officials, and poll workers
16.0
2015-09-16
Lightspeed POS
provides point of sale solutions for retailers and restaurateurs to manage their businesses.
61.0
2015-09-15
ThinkHR
Kennet Partners
12.0
2015-08-19
Uber
Tata Capital
2015-08-19
SpotHero
Insight Venture Partners, 500 Startups, Battery Ventures, Bullpen Capital, Chicago
Ventures, Draper Associates, e.ventures, Oca Ventures, Prtizker Group Venture capital
On-demand parking app the helps drivers find off-street parking, compare rates and book a spot in advance
20.0
2015-07-28
Shopkeep
Activant Capital
Cloud-based iPad point of sale system for restaurants and retail stores
60.0
2015-07-21
Medallia
Sequoia Capital
2015-06-10
High Alpha
Venture Studio that conceives, launches and scales enterprise cloud companies
35.0
2015-07-13
Delphix
Icon Ventures, Lightspeed Ventures, Greylock Partners, Kraft Group, Credit Suisse,
Fidelity
developing software for simplifying building, testing and upgrading of apps on relational databases.
75.0
2015-06-30
Trucker Path
Platform for the trucking industry, providing navigational assistance, load sourcing and tracking.
20.0
2015-06-30
Adaptive Insights
Bessemer Venture Partners, ONSET Ventures, Norwest Partners, JMI, Cardinal Venture,
Provides a solution for cloud corporate performance
Monitor Ventures
75.0
2015-06-25
Conga
70.0
2015-06-18
Namely
Sequoia Capital, True Ventures, Matrix Partners, Greenspring Associates, Lerer Hippeau Is the end-to-end HR, payroll, and benefits platform
45.0
2015-06-11
Yesware
13.3
2015-06-01
Coupa Software
Provides Software-as-a-Service applications for financial services, food and beverage, healthcare, oil and gas,
retail, and technology industries worldwide
80.0
2015-05-27
Docusign, Inc.
Bain Capital, Cross Creek Advisors, Dell Ventures, Intel Capital, Wellington
2015-05-21
inRiver
10.0
2015-05-20
Samanage
16.0
2015-05-19
Directly
10.0
2015-05-19
Justworks
Provides solution for HR tasks: self-service payroll, benefits, built-in workers' comp
13.0
2015-05-19
Mulesoft
Provides an integration platform for connecting any application, data source or API
128.0
2015-05-13
Percolate
Provides a solution for governance, planning and content creation to audience acquisition
40.0
2015-05-13
PlanGrid
Sequoia Capital
18.0
2015-05-11
Browz
Undisclosed
10.0
35.0
100.0
150.0
310.0
25
Target
Investors
Target Abstract
2015-05-07
Itineris
GIMV, PMV-Vinnof
Provides solution for customer service and billing solutions for utilities
10.0
2015-05-06
Wrike
Provides project management tool and cloud software for team collaboration.
15.0
2015-05-06
Zenefits
500.0
2015-05-05
Twilio, Inc.
100.0
2015-05-05
SMS Assist
45.0
2015-05-04
eFileCabinet
11.0
2015-05-01
Its platform for utility companies to deploy, manage, optimize smart grid s
17.2
2015-04-28
SignPost
20.5
2015-04-16
Procore Technologies
30.0
2015-04-09
Aviso
Scale Venture, Next World Capital, Shasta Ventures, First Round, Bloomberg
Provides solution for achieving Total Revenue Intelligence to quantify risks, predict outcomes
15.0
2015-04-08
Domo
Provides an executive management platform for managers and executives to run their business.
200.0
2015-04-07
Kyriba Corporation
Its treasury solutions allow businesses to plan for market volatility, regulation, and opportunities.
21.0
2015-04-06
ZenPayroll
Kleiner Perkins Caufield & Byers, Google Capital, General Catalyst, Glynn Capital
Management, Ribbit Capital, Emergence Capital Partners
Its payroll solution enables businesses to set up and run payroll from any web enabled device.
60.0
2015-03-27
Aryaka Networks
16.0
2015-03-24
Lookingglass
20.0
2015-03-18
InsideSales
60.0
2015-03-11
SteelWedge
Its business planning solution provider for sales, finance, operations and executive teams.
2015-03-11
Zuora
2015-02-24
Guidespark
22.2
2015-02-22
20.0
2015-02-20
Postmates
35.0
2015-02-19
Livefrye
Develops and operates a real-time conversation, social curation, and social advertising platform
47.0
2015-02-19
Tealium
30.7
2015-02-18
Message Systems
Provides on-prem and cloud email infrastructure to the most demanding businesses
35.0
2015-02-12
Conductor
Blue Cloud Ventures, Investor Growth Capital, Matrix Partners, First Mark
27.0
22.5
115.0
26
Company
Atlassian Corporation Plc.
Square, Inc.
Mimecast Limited
Instructure, Inc.
Adesto Technologies Corporation
Pure Storage, Inc.
Rapid7, Inc.
Sophos Group plc
Xactly Corporation
AppFolio, Inc.
Alarm.Com Holdings, Inc.
Shopify Inc.
Apigee Corporation
Etsy, Inc.
GoDaddy Inc.
Box, Inc.
Workiva Inc.
LendingClub Corporation
Connecture, Inc.
New Relic, Inc.
Hortonworks, Inc.
CyberArk 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.
Industry
Software
Payments
IT Security
SaaS
IT Infrastructure
IT Storage
IT Security
IT Security
SaaS
IT Infrastructure
IT Security
Cloud Infrastructure
Cloud Infrastructure
Internet
IT Infrastructure
IT Storage
IT Infrastructure
Internet
Internet
Internet
IT Infrastructure
IT Security
Internet
IT Infrastructure
Internet
Internet
Consumer Electronics
IT Security
IT Security
IT Infrastructure
Internet
SaaS
Software
Software
Software
SaaS
Internet
Software
IPO Date
12/9/2015
11/18/2015
11/18/2015
11/12/2015
10/26/2015
10/6/2015
7/16/2015
6/30/2015
6/25/2015
6/25/2015
6/25/2015
5/20/2015
4/23/2015
4/15/2015
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
Current
Price
25.19
10.27
7.72
18.44
5.64
13.94
15.79
2.36
6.85
13.20
16.01
19.89
8.32
7.00
29.17
10.18
16.56
7.73
2.33
30.68
16.57
48.31
69.59
29.98
27.40
12.95
11.46
10.82
3.72
64.85
6.55
23.10
24.93
32.02
9.86
7.38
21.00
21.26
IPO Range
Low
High
16.50
18.50
11.00
13.00
10.00
12.00
16.00
18.00
10.00
12.00
16.00
18.00
13.00
15.00
0.00
0.00
10.00
12.00
12.00
14.00
13.00
15.00
12.00
14.00
16.00
18.00
14.00
16.00
17.00
19.00
11.00
13.00
13.00
15.00
10.00
12.00
12.00
14.00
18.00
20.00
12.00
14.00
13.00
15.00
60.00
66.00
17.00
19.00
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
20.00
22.00
11.00
13.00
Mean
Median
IPO
Price
21.00
9.00
10.00
16.00
5.00
17.00
16.00
3.54
8.00
12.00
14.00
17.00
17.00
16.00
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
Shares
Offered
(millions)
22.0
27.0
7.8
4.4
5.0
25.0
6.5
156.2
7.0
6.2
7.0
7.7
5.1
16.7
20.5
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
17.76
15.00
28.4
7.7
Amount
Raised
462.0
243.0
77.5
70.4
25.0
425.0
103.2
553.8
56.3
74.4
98.0
130.9
87.0
266.7
460.0
175.0
100.8
870.0
53.1
115.0
100.0
85.8
21,767.2
889.7
1,283.3
115.5
427.2
75.0
100.0
225.8
70.0
100.0
627.2
99.7
115.9
70.0
192.5
119.3
% Return
since IPO
20%
14%
-23%
15%
13%
-18%
-1%
-33%
-14%
10%
14%
17%
-51%
-56%
46%
-27%
18%
-48%
-71%
33%
4%
202%
2%
20%
14%
-14%
-52%
-28%
-59%
51%
-27%
157%
56%
113%
-48%
5%
-19%
64%
Ent. Value
2,444.6
1,209.9
306.0
116.7
65.3
174.4
547.5
1,808.5
211.1
320.7
549.5
1,174.8
417.4
1,646.2
2,841.4
1,663.0
209.9
4,758.0
183.4
914.0
488.9
331.5
167,536.8
5,087.6
5,003.3
416.2
2,746.7
288.5
536.8
2,455.6
608.2
546.0
7,126.6
752.2
815.0
313.5
1,872.6
23.3
EV/LTM
Rev.
6.9x
1.1x
2.4x
1.8x
1.6x
0.6x
6.0x
4.0x
3.3x
6.0x
3.1x
9.5x
6.7x
7.7x
2.0x
8.6x
2.0x
27.0x
2.2x
10.8x
11.0x
4.4x
2.9x
42.0x
5.1x
1.0x
2.8x
3.8x
5.0x
5.9x
4.0x
6.6x
2.9x
6.4x
8.3x
3.5x
11.0x
0.3x
951.8
115.5
0.09%
0.04%
6,891.8
752.2
7.1x
5.0x
As of IPO
EV/FTM
Rev.
LTM Rev
353.4
0.8x
1,143.7
2.0x
128.4
1.2x
65.1
1.3x
41.8
0.4x
273.8
4.7x
91.6
3.7x
456.3
2.7x
63.7
3.6x
53.7
2.6x
176.5
6.9x
123.6
5.6x
61.9
5.5x
213.6
1.7x
1,443.4
6.4x
192.6
1.6x
106.1
14.4x
176.5
2.0x
81.7
7.7x
85.0
7.3x
44.2
3.6x
75.7
12.6x
57,497.0
29.9x
121.2
4.9x
979.9
2.0x
398.6
2.0x
966.4
2.9x
76.3
4.4x
108.0
4.4x
417.1
3.0x
152.8
4.5x
83.2
2.4x
2430.6
5.0x
117.0
6.7x
98.3
2.8x
89.3
7.7x
170.0
0.2x
83.1
5.5x
4.4x
2,165.9
121.2
FTM Rev.
448.8
1,463.8
150.4
95.1
50.4
477.2
116.0
483.5
77.4
87.9
208.7
170.2
74.9
298.5
1,656.0
258.8
128.9
330.7
89.9
118.6
67.3
91.9
13,323.8
170.4
1,022.8
205.0
1,369.2
100.9
122.1
558.9
203.5
121.1
2,998.9
150.5
122.1
110.8
244.3
105.4
808.8
170.2
MRQ
% Rev.
Gross
Growth Margin %
27%
84%
28%
29%
17%
70%
46%
67%
20%
45%
74%
61%
27%
75%
6%
22%
59%
64%
54%
18%
63%
38%
54%
21%
69%
40%
63%
15%
65%
34%
70%
21%
73%
87%
85%
10%
44%
40%
79%
52%
55%
21%
86%
-77%
68%
41%
74%
4%
42%
-49%
39%
42%
47%
32%
66%
13%
80%
34%
65%
33%
92%
45%
69%
23%
35%
29%
86%
24%
65%
24%
54%
44%
58%
27%
79%
0.25%
0.27%
0.6%
0.7%
27
Proposed Ticker
NTNX
SCWX
TF
Company
Nutanix
SecureWorks
TransFirst
Sector
IT Infrastructure
IT Security
Payments
Amount to be
Raised
$200.00
$100.00
$100.00
28
Current
Price
Follow-On
Price
Shares
Offered
(millions)
Amount
Raised
% Return
since
Follow-On
Company
Industry
Vantiv, Inc.
Payments
12/2/2015
$44.08
51.67
13.4
691.07
-15%
12,497.21
4.1x
7.1x
3,041.39
1,771.33
-42%
53%
Fitbit Inc.
Consumer Electronics
11/12/2015
$17.97
29.00
17.0
493.00
-38%
5,517.38
3.6x
2.5x
1,516.61
2,211.86
46%
48%
Software
11/12/2015
$32.02
42.15
4.5
189.68
-24%
2,224.91
10.9x
8.1x
203.58
273.50
34%
86%
Sabre Corporation
Software
11/4/2015
$24.93
29.27
26.6
877.35
-15%
11,733.37
4.1x
3.6x
2,848.58
3,293.30
16%
35%
Software
9/24/2015
$33.70
29.75
3.7
111.27
13%
1,452.18
9.5x
6.4x
152.70
227.01
49%
55%
Q2 Holdings, Inc.
Marketing
9/24/2015
$22.87
25.50
3.8
96.87
-10%
879.68
9.4x
6.6x
93.58
132.86
42%
46%
Benefitfocus, Inc.
Marketing
8/6/2015
$31.06
36.75
2.0
73.50
-15%
1,071.06
6.7x
5.5x
159.76
194.52
22%
42%
Semiconductors
6/18/2015
$61.65
61.50
10.5
645.75
0%
5,325.09
6.8x
4.2x
787.79
1,269.59
61%
46%
TubeMogul, Inc.
Marketing
6/10/2015
$12.34
15.75
5.3
82.90
-22%
456.30
3.7x
2.8x
122.53
162.87
33%
67%
Zendesk, Inc.
Software
3/19/2015
$23.10
22.75
8.5
194.06
2%
1,672.50
13.2x
8.9x
127.05
188.59
48%
69%
HubSpot, Inc.
Marketing
3/17/2015
$50.04
37.00
4.1
152.24
35%
1,083.98
9.4x
6.7x
115.88
161.16
39%
74%
Imperva Inc.
IT Security
3/12/2015
$56.08
39.00
3.0
117.00
44%
861.22
5.3x
4.3x
164.01
198.86
21%
81%
Internet
3/6/2015
$10.02
19.00
12.0
228.00
-47%
4,017.11
6.4x
5.4x
629.85
746.03
18%
41%
GoPro, Inc.
Digital Media
11/19/2014
$11.46
75.00
10.4
777.04
-85%
9,353.18
8.3x
5.9x
1,121.74
1,586.11
41%
47%
Software
11/6/2014
$47.24
96.00
5.4
521.74
-51%
22,523.00
1.5x
1.5x
15,269.00
15,228.78
-0.3%
28%
Software
9/4/2014
$35.34
47.30
15.1
711.89
-25%
11,588.21
5.4x
4.8x
2,131.35
2,423.62
14%
34%
GrubHub Inc.
Internet/Food
9/3/2014
$21.00
40.25
10.5
421.34
-48%
3,002.46
14.8x
10.8x
203.10
277.79
37%
58%
Fabrinet
Internet
5/28/2014
$22.09
18.00
3.2
56.70
23%
420.00
0.6x
0.6x
677.70
720.92
6%
12%
NXP Semiconductors NV
Semiconductors
5/14/2014
$68.65
60.35
17.4
1,048.68
14%
19,057.72
3.8x
3.5x
4,976.00
5,502.40
11%
49%
Software
3/27/2014
$5.52
16.50
8.0
132.00
-67%
1,870.09
1.3x
1.2x
1,474.40
1,500.47
2%
54%
SciQuest, Inc.
Software
3/26/2014
$12.29
26.75
3.0
80.25
-54%
551.20
6.1x
5.1x
90.23
107.40
19%
68%
Storage
3/20/2014
$81.06
89.25
4.0
357.00
-9%
5,068.01
21.8x
15.4x
232.44
328.79
41%
88%
Datawatch Corporation
Internet
2/12/2014
$5.15
28.50
1.8
50.02
-82%
196.27
6.1x
4.7x
32.28
41.73
29%
84%
Software
1/30/2014
$3.13
61.00
5.0
305.00
-95%
2,016.49
8.4x
4.7x
240.61
433.10
80%
43%
Splunk, Inc.
Internet
1/22/2014
$50.48
81.00
6.0
486.00
-38%
8,031.78
30.0x
19.8x
267.94
405.82
51%
82%
Facebook, Inc.
Internet
12/20/2013
$94.97
55.05
70.0
3,853.50
73%
126,482.37
18.4x
11.2x
6,871.00
11,281.06
64%
85%
Software
11/20/2013
$62.36
67.00
0.8
50.25
-7%
913.89
9.2x
7.6x
98.90
119.50
21%
69%
Demandware, Inc.
Networking
11/19/2013
$44.20
57.00
3.3
188.68
-22%
1,549.07
16.4x
12.2x
94.52
126.49
34%
71%
8x8 Inc.
Software
11/14/2013
$10.94
9.25
12.5
115.63
18%
528.80
4.6x
3.7x
114.29
141.75
24%
73%
ChannelAdvisor Corporation
Software
11/5/2013
$12.57
34.00
5.0
170.00
-63%
708.43
11.2x
8.9x
63.51
79.17
25%
80%
Yelp Inc.
Internet
10/30/2013
$21.31
67.00
3.8
251.25
-68%
4,439.85
21.8x
14.1x
203.49
313.94
54%
90%
Software
10/22/2013
$54.40
48.75
7.8
378.48
12%
2,353.69
7.8x
6.7x
300.65
349.53
16%
57%
Mean:
44.28
9.6
434.63
-0.21%
8,420.20
9.1x
6.7x
1,388.33
1,618.74
0.30%
0.60%
Median:
39.63
5.3
211.03
-0.19%
2,120.70
7.3x
5.7x
218.01
321.36
0.31%
0.58%
Ent. Value
EV/LTM
Rev.
EV/FTM
Rev.
MRQ
% Rev.
Gross
Growth Margin %
Follow-On
Date
LTM Rev.
FTM Rev.
29
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
KAUSHIK ROY
kaushik@centaurpartners.com
(508) 498-0017
ATUL TIWARY
atul@centaurpartners.com
(408) 771-8703
LESLIE DEPALO
leslie@centaurpartners.com
(415) 235-1853
GLENN GOTTLIEB
glenn@centaurpartners.com
(408) 506-1369
TIM DRISCOLL
tim@centaurpartners.com
(408) 507-0667
Chicago Office
20 N. Clark Street
Suite 3350
Chicago, IL 60602
(312) 726-3600
Virginia Office
4870 Sadler Rd,
Suite 300
Glen Allen, VA 23060
(804) 205-5169
30