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Introduction to Centaur Partners

SaaS Market Overview

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

CONFIDENTIAL NOT FOR DISTRIBUTION

2016, Centaur Partners Confidential

Technology Market Overview


135

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%

Source: CapIQ 1/22/16


IT Security Index: AVG, SYMC, CHKP, FTNT, PANW, FIRE, IMPV, VDSI, PFPT, FEYE, QLYS
SaaS Horizontal Index: CRM, N, ULTI, JCOM, TRAK, APPF, BCOV, DWRE, LOGM, CTCT, CSOD, LPSN, MKTG, VOCS, IL, TNGO, SPSC, SQI, ZIXI, NOW, WDAY, LOCK, FLTX, QLYS, MKTO, MRIN, NEWR,
CARB, TNET, CALD, BOX, PCTY, BV, ZEN, RNG, CVT, FIVN, ECOM, AMBR, SAAS, UP, XTLY
SaaS Vertical Index: ATHN, MODN, VEEV, GWRE, RP, FLTX, ELLI, MDSO
Big Data Index: EMC, TDC, INFA, MSTR, SPLK, DWCH, ATTUF, NTAP, DATA, FIO, FALC
IT Infrastructure Index: VMW, CTXS, NTAP, CA, RHT, SWI, OTEX, CVLT, CPWR, QLIK, PEGA, MVSN, PRGS, JIVE, NTCT, BLOX, GUID, MGIC, FALC, FIO, GIMO, SSNI, CYNI

Jan

2015 Centaur Partners Confidential

SaaS Index Component Returns (9/30/14 1/22/16)

Note: AppFolio, Atlassian, Box, Instructure, New Relic,


Xactly, and Upland Software were not public as of 9/30/14,
but are components of the SaaS Index

2016, Centaur Partners Confidential

Valuation Matrix: Revenue Growth vs. EBITDA Margin


Projected Revenue Growth (2014 2015E)

15% - 25%

Median EV/Rev: 3.4x


Median EV/EBITDA: 9.2x

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

Median EV/Rev: 1.9x


Median EV/EBITDA: 11x

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%

EBITDA Margin (2015E)

>25%

<5%

Median EV/Rev: 2.6x


Median EV/EBITDA: 23.5x

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

Revenue growth commands a premium over profitability


Source: CapIQ as of 1/22/16. Projected Revenue Growth and EBITDA
Margin based on consensus estimates from CapIQ.
Companies with TEV / EBITDA multiples that fall outside the range of
0x 55x are excluded from the above valuation matrix

2016, Centaur Partners Confidential

Technology Sector Forward Revenue Valuation Analysis


7.0x
6.0x

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

Mean EV/2016 Revenue

Big Data

IT Infrastructure

Mean EV/2015 Revenue

50%
48%

40%
30%
20%

21%

26%

24%

23%

16%

10%
8%

9%

12%

13%

0%
SaaS

Mobile Payments

IT Security

Mean 2016 Revenue Growth

Big Data

IT Infrastructure

Mean 2015 Revenue Growth

Forward revenue valuation levels are lower today than a year ago
Source: CapIQ 1/22/16

2016, Centaur Partners Confidential

SaaS Market Valuation 2015

Mean 5.2x

Median 4.8x

Median 23.1%

Median 13.3%

Source: CapIQ 1/19/16

2016, Centaur Partners Confidential

SaaS Market Valuation 2016

Mean 4.1x

Median 3.9x

Median 13.8%

Median 21.5%

Source: CapIQ 1/19/16

2016, Centaur Partners Confidential

SaaS/Cloud Landscape
End User Applications
CRM

Enterprise Social Media

Marketing Demand Generation

Marketing Analytics

Software as a Service
Human Resources
Finance & Accounting

Retail & E Commerce

Collaboration

Human Resources

Business Intelligence

Vertical

IT

Developers
Platform-as-a-Service

Infrastructure-as-a-Service

2016, Centaur Partners Confidential

SaaS/Cloud Landscape (cont.)


With SaaS/Cloud
Capabilities

Without SaaS/Cloud
Capabilities

Public

Private

Public

Private

Investments

Large Suite
Vendors

Selected
Pure-Play
SaaS/Cloud
Suite
Vendors

Selected
Vendors
with Point
Solutions

Large consolidators remain active alongside new cash rich acquirers


2016, Centaur Partners Confidential

Technology M&A Trends


Technology M&A Transactions Since 2006

Key M&A Statistics


2015 has seen explosive M&A activity
Global M&A volume in 2015 surpassed $5T. This recordsetting volume breaks the previous record of $4.6 T set in
2007, by 9%. 2
There were 10 $50B+ M&A transactions announced in 2015
worth a combined $798.9B. That's five deals more than the
previous record high activity set in 1998, 1999, and 2014. US
targeted M&A ($2.5T) accounts for half of 2015 volume and
seven of the top 10 transactions. 2
M&A in North America increased 58% year-on-year, reaching
US$2.2 trillion in 2015 to date. Asia Pacific also witnessed a
significant increase (+62% year-on-year), with deal value
totaling US$ 966.2B. European M&A grew by a moderate
12% to US$ 839.7B 3
TMT (US$ 855.9B) and Consumer/Retail (US$ 800.5B) sectors
have seen the most M&A activity (by deal value). Healthcare
M&A is also a fast-growing sector (its share of total M&A
+3% year-on-year). 3
Significant Technology transactions in US include:
Dell acquired EMC for $67B
Intel acquired Altera for $16.7B

Largest Technology Transactions 2015:

EMC acquired Virtustream for $1.2B

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

Avago acquired Broadcom for $37.0B


Verizon acquired AOL for $4.4B
Western Digital acquired SanDisk for $19B

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

Nokia acquired Alcatel Lucent for $16.5B

Deallogic M&A Snapshot 12/18/15


Dealogic: 12/28/2015
2016, Centaur
Clifford Chance M&A Trends: Global Dynamics December 2015
Bloomberg: Dec 23, 2015: http://www.bloomberg.com/gadfly/articles/2015-12-28/yahoo-unicorns-and-giants-lead-questions-for-tech-m-a-in-2016

Partners Confidential

10

Top 10 Recent SaaS M&A Transactions by TEV/Revenue

($ in millions)
LTM

Announced

Acquirer

Target

Target Description

LTM TEV

TEV

Eq Value

Rev

EBITDA

Rev

EBITDA

05/14/14

Provides CRM marketing data integration SaaS

310.0

NA

25.0 x

NA

12.4 x

NA

07/31/14

Provides predictive mobile workforce management SaaS

550.0

NA

41.0 x

NA

12.2 x

NA

Provides on-demand employee spend management solutions

7561.0

7222.0

668.0 x

110.1 x

10.6 x

362.0 x

Provides a cloud-based marketing platform

200.0

NA

21.8 x

NA

9.2 x

NA

Provides marketing campaign measurements SaaS

89.0

NA

11.0 x

NA

8.1 x

NA

Provides online advertising analytics and customer analytics SaaS

150.0

NA

20.0 x

NA

7.5 x

NA

Provides data management, marketing automation and analytics SaaS

420.0

NA

63.0 x

NA

6.7 x

NA

04/28/14

Provides open-source BI reporting and analytics software and SaaS

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

Provides a broad, flexible scientific solution optimized to integrate the diversity of


science, experimental processes and information requirements

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

Source: CapIQ 1/22/16

2016, Centaur Partners Confidential

11

M&A Activity of Selected SaaS Vendors


Number of Acquisitions since 2010

Selected Recent Acquisitions


Adobe
Digital Analytics, Mixamo, Tumri, Fotolia, Aviary, Search Discovery, Neolane SA, Ideacodes, Thumb Labs,
Behance, Efficient Frontier, Auditude, Downstream Marketing, Nitobi, Typekit, COGLOBO GmbH, EchoSign

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

Source: CapitalIQ, Crunchbase 12/22/15

2016, Centaur Partners Confidential

12

Recent Private Placement Activity of Most Active Corporate VCs


Selected Recent Private Placements

Number of Private Placements since 2013

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

Google

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

Source: CapitalIQ, Crunchbase 1/22/16


*Totals for Intel and Google are for 2014 & 2015 only

2016, Centaur Partners Confidential

13

Recent Private Placement Activity of Other Corporate VCs


Selected Recent Private Placements

Number of Private Placements since 2010

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

Giosis Gmarket, PT MetraPlasa, Jasper Infotech, Quikr, Ecomsual, Ticketstreet,


Appcelerator, Bypass Mobile, Shipwire
IBM
WayBlazer, Pathway Genomics, Modernizing Medicine, Welltok, Sellpoints, Fluid
HP
VenueNext, Hortonworks, Clique Intelligence
SAP
ThreatConnect, Requisite Technology, Table 8, TableNow, Alminder, Visage
Mobile, Virtuestream, StayNTouch, Trove, Yapta, Room 77, Nor1, Evature
Seagate
Ripple Labs, Reduxio Systems, Active Mind Technology, Egnyte, eASIC, The
Cloudscaling Group, Virident, DensBits Technologies, Coraid
VMWare
Cenx, Zscaler, Blue Medora, HyTrust, Adallom, Jfrog, Puppet Labs, Vorstack,
Crittercism, Aria Systems, MongoDB, HyTrust

2016

Workday
Tidemark Systems, Anaplan, Datameer
Western Digital
Tegile Systems, Amplidata, Avere Systems, Hightail, Everspin Technologies
Source: CapitalIQ, Crunchbase 1/22/16

2016, Centaur Partners Confidential

14

SaaS Comparable Analysis


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

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

(US$ in millions, except per share values)

% 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

Source: Capital IQ 1/15/16


N/M = not meaningful/multiple outside of relevant range
N/A = Data Not Applicable

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

2016, Centaur Partners Confidential

15

SaaS Comparable Analysis (cont.)


(US$ in millions, except per share values)

Comparable Company Valuation Multiples

% 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

Guidewire Software, Inc.


Veeva Systems, Inc.
Medidata Solutions, Inc.

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

FleetMatics Group Ltd.

31-Dec

$43.6

82%

39

$1,680

$189

Ellie Mae, Inc.


RealPage, Inc.
Textura Corp.
Castlight Health, Inc.

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

Marin Software, Inc.

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

Source: Capital IQ 1/15/16


N/M = not meaningful/multiple outside of relevant range
N/A = Data Not Applicable

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

2016, Centaur Partners Confidential

27.9x
27.4x

16

SaaS Comparable Analysis (cont.)


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

(US$ in millions, except per share values)

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%

Source: Capital IQ 1/15/16


N/M = not meaningful/multiple outside of relevant range
N/A = Data Not Applicable

2016, Centaur Partners Confidential

17

SaaS Comparable Analysis (cont.)


Comparable Company Operating Metrics

(US$ in millions, except per share values)

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%

Guidewire Software, Inc.

9%

8%

12%

57%

6%

18%

21%

14%

15%

19%

Veeva Systems, Inc.

49%

29%

25%

65%

23%

29%

30%

15%

15%

20%

Medidata Solutions, Inc.

19%

19%

18%

78%

23%

25%

26%

17%

17%

19%

FleetMatics Group Ltd.

23%

21%

17%

74%

32%

33%

35%

15%

17%

17%

Ellie Mae, Inc.

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%

Castlight Health, Inc.

64%

35%

34%

56%

NA

NA

NA

NA

NA

NA

Marin Software, Inc.

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

Source: Capital IQ 1/15/16


N/M = not meaningful/multiple outside of relevant range
N/A = Data Not Applicable

2016, Centaur Partners Confidential

18

SaaS Comparable Analysis (cont.)


(US$ in millions, except per share values)

Comparable Company Estimates


Company
Horizontally Focused
SalesForce.com
Workday, Inc.
ServiceNow, Inc.
NetSuite, Inc.
Atlassian Corp.
The Ultimate Software Group, Inc.
j2 Global, Inc.
Zendesk, Inc.
Paylocity Holding Corp.
Demandware, Inc.
Cornerstone OnDemand, Inc.
New Relic
LogMeIn, Inc.
RingCentral, Inc.
Box Inc.
Cvent, Inc.
LifeLock, Inc.
TriNet Group, Inc.
Marketo, Inc.
SPS Commerce, Inc.
Qualys, Inc.
Callidus Software, Inc.
inContact, Inc.
Intralinks Holdings, Inc.
Appfolio
LivePerson, Inc.
Five 9, Inc.
Bazaarvoice, Inc.
SciQuest, Inc.
ChannelAdvisor Corp.
Tangoe, Inc.
Zix Corp.
Xactly Corporation
Carbonite, Inc.
Brightcove, Inc.
Amber Road, Inc.
Upland Software

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

Source: Capital IQ 1/15/16


N/M = not meaningful/multiple outside of relevant range
N/A = Data Not Applicable

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

2016, Centaur Partners Confidential

19

SaaS Comparable Analysis (cont.)


(US$ in millions, except per share values)

Comparable Company Estimates

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

Source: Capital IQ 1/15/16


N/M = not meaningful/multiple outside of relevant range
N/A = Data Not Applicable

2016, Centaur Partners Confidential

20

Recent SaaS M&A Transactions


(US$ in millions, except multiple values)
Announced

Acquirer / Target

Target Description

TEV

Eq Value

Rev

LTM
EBITDA

Rev

TEV / LTM
EBITDA

01/21/16

Reckon / SmartVault

Provides online document management and client portal solutions

NA

NA

NA

NA

NA

NA

01/20/16

Open Systems / ProcessPro

ERP software solution for the process manufacturing industry

NA

NA

NA

NA

NA

NA

01/20/16

Sparta Systems / 123 Compliance

Provides complaint handling, quality management, regulatory reporting and document


management systems

NA

NA

NA

NA

NA

NA

01/15/16

Kronos / Empower

Provides of human capital management and workforce management solutions

NA

NA

NA

NA

NA

NA

01/13/16

Pitney Bowes / Enroute Systems

Provides enterprise retail and fulfillment solutions

NA

NA

NA

NA

NA

NA

01/11/16

Riverside Company / HIS

Provides healthcare and workplace safety training and compliance services

NA

NA

NA

NA

NA

NA

01/07/16

Aptean / AssetPoint

Provides provider of Computerized Maintenance Management Software and Enterprise Asset


Managemen solutions

NA

NA

NA

NA

NA

NA

01/07/16

SterlingBackcheck / TalentWise

Develops of background screening and employee onboarding software

NA

NA

NA

NA

NA

NA

01/06/16

SPS Commerce Canada / ToolBox


Solutions

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

Provides backup and recovery services

NA

14.0

NA

NA

NA

NA

12/14/15

Salesforce / MinHash

Operates an online platform which provides data analytics services

NA

NA

NA

NA

NA

NA

12/01/15

Descartes Systems / Oz Development

Provider of cloud-delivered application and data integration solutions

NA

NA

NA

NA

NA

NA

11/30/15

Vista Equity / MarketLive

Provides digital commerce software and services for retailers, catalogers, direct marketers and
manufacturers

NA

NA

NA

NA

NA

NA

11/30/15

Vista Equity / Shopatron

Provider of cloud-based, distributed order management solutions.

NA

NA

NA

NA

NA

NA

11/19/15

Google / BeBop Technology

Provides cloud-based editorial workflow solution for the media and entertainment industry

NA

NA

NA

NA

NA

NA

11/16/15

Upland Software / Ultriva

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

Is a global communications software and services company

NA

369.3

NA

NA

NA

NA

11/02/15

Endurance / Constant Contact

Provides email, social media and event marketing tools

NA

1100.0

NA

NA

NA

NA

10/29/15

Sonata Software / ibis

Provides distributors and manufacturers with next-generation supply chain solutions to maximize
their profitability.

NA

14.0

NA

NA

NA

NA

10/15/15

Singapore Post / TradeGlobal

Services include fulfillment and logistics, customer care, content management, eCommerce strategy

NA

168.6

NA

NA

NA

NA

10/12/15

SAP / Multiposting SASU

Provides an interface between the user and businesses posting jobs on their respective websites

NA

NA

NA

NA

NA

NA

10/07/15

Vasco Data Security / Silanis

E-signature solutions to help businesses of all sizes prepare & sign documents

NA

85.0

NA

NA

NA

NA

10/07/15

Roper Technologies / Aderant

Provides legal software and practice management software solutions.

NA

675.0

NA

NA

NA

NA

Source: Capital IQ, Crunchbase, PE Hub 1/22/16


* Denotes debt investment

2016, Centaur Partners Confidential

21

Recent SaaS M&A Transactions (cont.)


(US$ in millions, except multiple values)
Announced

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

Veeva Systems/Zinc Ahead

Provides marketing compliance solutions for the life sciences industry

09/28/15

TA Associates / Mitratech Holdings

Enterprise software solutions for the legal industry

09/25/15

Amazon / Safaba Translation Solutions Develops automated text translation software

09/22/15

The Riverside Company / Baker Hill


Corporation

Banking process management software solutions

100.0

NA

NA

NA

3.2

NA

09/14/15

Vista Equity / Solera Holdings

Provider of risk and asset management software

NA

3740.0

NA

NA

NA

NA

09/10/15

Xerox Corporation / RSA Medical, LLC

Outsourced provider of technology-based, medical risk management services

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

MEA|NEA/The White Stone Group

Provider of healthcare communication management solutions.

NA

NA

NA

NA

NA

NA

08/25/15

TIBCO/Mashery

Its multitenant SaaS platform that provides API management technology

NA

NA

NA

NA

NA

NA

08/20/15

PeopleAdmin, Inc. / SearchSoft


Solutions

Web-based recruitment and talent management software.

NA

NA

NA

NA

NA

NA

08/20/15

Oracle / Maxymiser

Offers cloud-based testing, personalization and cross-channel optimization solutions

NA

NA

NA

NA

NA

NA

08/18/15

Synacor / Zimbra

Provider of next-generation, open source email, calendar and collaboration software

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

Provides marketing content automation software platform

NA

NA

NA

NA

NA

NA

A browser-based open booking enterprise tool to help small-and midsized-businesses to manage


their travel expenses

NA

NA

NA

NA

NA

NA

157.0

NA

NA

NA

NA

NA

Provides cloud-based accounts payable and e-invoicing solutions to accounts managers

NA

NA

NA

NA

NA

NA

07/20/15

Coupa Software / TripScanner

07/20/15

Roper Technologies / On Center


Software

Develops construction automation management solutions

07/06/15

Coupa Software / InvoiceSmash

07/02/15

Insight Venture Partners / Appriss

Offers SaaS based public safety, risk and compliance, health information, and insurance solutions

NA

NA

NA

NA

NA

NA

06/30/15

Insight Venture Partners / Fourth Ltd.

Cloud-based cost control solutions to the hospitality industry

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

Develops task management tools to create to-dos from jobs.

NA

NA

NA

NA

NA

NA

06/01/15

Kellton Tech / Prosoft Technology

Services include Enterprise Resource Planning, Business Process Management

14.0

NA

NA

NA

NA

NA

Source: Capital IQ, Crunchbase, PE Hub 1/22/16


* Denotes debt investment

2016, Centaur Partners Confidential

22

Recent SaaS M&A Transactions (cont.)


(US$ in millions, except multiple values)
Announced

Acquirer / Target

Target Description

TEV

Eq Value

Rev

LTM
EBITDA

Rev

TEV / LTM
EBITDA

06/01/15

Adobe Systems / Mixamo

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

Develops enterprise mobility management solutions

NA

NA

NA

NA

NA

NA

05/28/15

CA / Rally Software

Provides solutions for the management of Agile software development

533.5

346.4

92.5

-28.3

5.0 x

NA

05/11/15

Extend Health / Acclaris

SaaS - based support for account-based healthcare plans

140.0

NA

NA

NA

NA

NA

05/11/15

Cvent / Signup4

Meetings management technology provider

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

Francisco Partners / Click Software

Provides workforce and service management software products and solutions

375.6

NA

NA

NA

3.0

NA

04/27/15

Capgemini / iGATE Corporation

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

Netsuite / Bronto Software

Provides a cloud-based marketing platform

200.0

NA

21.8

NA

9.2

NA

04/07/15

CPPIB-Permira / Informatica
Corporation

Provides enterprise data integration software and services

4844.4

5267.7

1055.0

189.0

4.3 x

17.6 x

04/06/15

Motorola Solutions / PublicEngines

Provides crime reporting, mapping, and analytics solutions.

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

Delivers secure management, DRM protection and download fulfillment services

410.0

NA

NA

NA

NA

NA

03/18/15

AppNexus / Yieldex

Provides a cross-channel revenue and inventory management platform providing analytics

100.0

NA

NA

NA

NA

NA

03/05/15

Recruit Holdings / Quandoo

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

Application suite includes Applicant Tracking, Performance Management, Learning Management

NA

NA

NA

NA

NA

NA

02/23/15

Thoma Bravo / PowerPlan

Offers an integrated suite of accounting tax, budgeting and analytics software solutions

NA

NA

NA

NA

NA

NA

Operates a collaborative B2B purchasing platform for large organizations

NA

NA

NA

NA

NA

NA

02/10/15

Coupa Software / ZenPurchase

02/10/15

Saba / Vector Capital

Provider of desktop virtualization troubleshooting solutions

270.2

270.2

NA

NA

NA

NA

02/05/15

Insight Venture Partners / E2Open

Maker of cloud-based software for supply-chain management

273.0

NA

NA

NA

NA

NA

02/03/15

VMware / Immidio B.V.

Provider of desktop virtualization troubleshooting solutions

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

Provides internet-based backup solutions for individuals and businesses

415.0

NA

NA

NA

NA

NA

12/22/14

Diversis Capital / Blue Software

Delivers content process management for top consumer products

NA

NA

NA

NA

NA

NA

Source: Capital IQ, Crunchbase, PE Hub 1/22/16


* Denotes debt investment

2016, Centaur Partners Confidential

23

SaaS Private Placements


(US$ in millions, except multiple values)
Announced

Target

Investors

Target Abstract

2016-01-29

NewVoiceMedia

Bessemer Venture Partners, Eden Ventures, Highland CapitalPartners


Europe, Salesforce Ventures,TCV

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

Kayne Anderson Capital Advisors

2015-12-21

Gusto

2015-12-21

Flux Factory

2015-11-02

Confer Technologies

Total Deal Amt.

Offers virtual call and contact center solutions

30.0

Cloud integration solutions for connecting legacy, enterprise and On-Demand applications

20.0

Bessemer Venture Partners, iNovia Capital, OMERS Ventures, Salesforce,


Provides information on viewer-behavior for marketing automation systems and CRM
SoftTech VC
Creates employee training videos that cover workplace communication practices and how to use
Accel, Softech, Greg Waldorf, Costana Venture Capital
online tools
PremjiInvest, Salesforce Ventures, DFJ Growth, Shasta Ventures, Coatue
Provides planning/modeling and collaboration platform
Management Meritech Capital Partners
Invoice, payment, and discounting management solutions

Obvious Ventures, Google Capital, Hemant Taneja, General Catalyst


Partners
South Park Ventures, Obvious Ventures, Borealis Ventures, Far East
Ventures, DFJ

Provides supply chain intelligence and supplier performance management solutions to


manufacturing and retail companies
A comprehensive payroll service enabling businesses to set up and run payroll from any web
enabled device

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

Foundation Capital; Matrix Partners; North Bridge Venture Partners

Operates an open cyber threat prevention network

17.0
11.0

2015-10-19

Conversocial

Draper Espirit, Octopus Ventures, Dawn Capital

Solution that helps businesses to efficiently and securely manage customer service on social
media

2015-10-16

Bell and Howell

ND

Production mail inserting and sorting systems,

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

Automates the process of professional background checks.

10.0

2015-10-13

SteelBrick

Salesforce Ventures, Shasta Ventures, Emergence Capital Partners, IVP

Provides Next Generation Quote-to-Cash apps

48.0

2015-10-13

Symphony

Google, Lakestar, UBS, Societe Generale, Merus Capital

Secure messaging startup

100.0

2015-10-13

Move Guides

NEA, Notion Capital

Platform for talent mobility

15.6

2015-10-12

iControl Universial
Goldman Sachs
Collaboration Solutions

Provider of process improvement, payment settlement, and collaborative business intelligence


solutions

20.0

2015-10-07

GoJavas

SnapDeal

Reliable, time-bound logistics and supply-chain solutions to its business partners.

20.0

2015-09-30

Workable

Notion Capital, 83North, Balderton Capital

Operates a cloud-based recruitment platform for companies

27.0

2015-09-30

PeopleDoc

Kernel Investissements

Cloud-based HR Service Delivery platform that automates processes in all stages

28.0

2015-09-29

Base CRM

Tenaya Capital, Index Ventures, Jumpstart Ventures

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

Developing and implementing compliance, tracking, traceability and performance management


tools

12.7

2015-09-24

Conservis

Source: Capital IQ, Crunchbase, PE Hub 1/29/16


* Denotes debt investment

25*

2016, Centaur Partners Confidential

24

SaaS Private Placements (cont.)


(US$ in millions, except multiple values)
Announced

Target

Investors

Target Abstract

Total Deal Amt.

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

Draper Associates, Silicon Valley Venture Capital

Provides secure multi-channel voting solutions for voters, election officials, and poll workers

16.0

2015-09-16

Lightspeed POS

Accel, iNovia Capital, Investissement Quebec

provides point of sale solutions for retailers and restaurateurs to manage their businesses.

61.0

2015-09-15

ThinkHR

Kennet Partners

a platform of integrated resources and training supported by live HR experts.

12.0

2015-08-19

Uber

Tata Capital

Mobile app connecting passengers with drivers for hire

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

Provides SaaS-based customer experience management systems

2015-06-10

High Alpha

Hyde Park Venture Partners, Greenspring Associates, Emergence Capital Partners

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

Renren, Wicklow Capital

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

Insight Venture Partners

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

Battery Ventures, Google Ventures, Foundry Group, IDG Ventures,

Provides a sales acceleration platform

13.3

2015-06-01

Coupa Software

Battery Ventures ; CrossLink Capital, Inc. ; El Dorado Ventures ; ICONIQ Capital,


LLC ; PremjiInvest; Rally Ventures ; T. Rowe Price Associates, Inc.

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

Operates a cloud based electronic signature platform

2015-05-21

inRiver

Zobito, Verdane Capital

Develops Product Information Management (PIM) solutions

10.0

2015-05-20

Samanage

Silicon Valley Bank, Gemini Ventures, Carmel Ventures, Vintage Investment

Its solution for managing all service relationships in the company

16.0

2015-05-19

Directly

True Ventures, Costanoa Venture Capital

Provides software for creating on demand customer service

10.0

2015-05-19

Justworks

Bain Capital, Index Ventures, Thrive Capital

Provides solution for HR tasks: self-service payroll, benefits, built-in workers' comp

13.0

2015-05-19

Mulesoft

New Enterprise Associates, Sapphire Ventures, Morgenthaler, ServiceNow

Provides an integration platform for connecting any application, data source or API

128.0

2015-05-13

Percolate

Sequoia Capital, GGV Capital, Lightspeed, First Round

Provides a solution for governance, planning and content creation to audience acquisition

40.0

2015-05-13

PlanGrid

Sequoia Capital

Its solution allows users to store blueprints and construction documents

18.0

2015-05-11

Browz

Undisclosed

Outsourced compliance software

10.0

Developer of document generation and reporting applications for Salesforce

Source: Capital IQ, Crunchbase, PE Hub 1/29/16


* Denotes debt investment

35.0

100.0

150.0

310.0

2016, Centaur Partners Confidential

25

SaaS Private Placements (cont.)


(US$ in millions, except multiple values)
Announced

Target

Investors

Target Abstract

Total Deal Amt.

2015-05-07

Itineris

GIMV, PMV-Vinnof

Provides solution for customer service and billing solutions for utilities

10.0

2015-05-06

Wrike

Bain Capital, DCM Ventures, Scale Ventures

Provides project management tool and cloud software for team collaboration.

15.0

2015-05-06

Zenefits

Andreessen Horowitz, Fidelity Investments, IVP, Khosla Ventures, Insight Venture


Partners, TPG, Sound Ventures

Its solution for managing all your HR functions

500.0

2015-05-05

Twilio, Inc.

Iowa City Capital Partners

Provider of cloud-based voice communications

100.0

2015-05-05

SMS Assist

Insight Venture Partners, Pritzker Group

Solution for managing facility maintenance in a national scale

45.0

2015-05-04

eFileCabinet

Allegis Capital, Signal Peak Ventures

Develops electronic document management solutions for businesses

11.0

2015-05-01

Bit Stew Systems

Cisco, GE Ventures, Yaletown Ventures, BDC Capital

Its platform for utility companies to deploy, manage, optimize smart grid s

17.2

2015-04-28

SignPost

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

Automates various aspects of SMB marketing

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

Provides solution for achieving Total Revenue Intelligence to quantify risks, predict outcomes

15.0

2015-04-08

Domo

GGV Capital, Blackrock, Glynn Capital,

Provides an executive management platform for managers and executives to run their business.

200.0

2015-04-07

Kyriba Corporation

Upfront Ventures, Iris Capital, BRED Banque, Daher Capital

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

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

Alsop Louie Partners; Neuberger Berman Group

Provides monitoring and management capabilities

20.0

2015-03-18

InsideSales

Hummer Winblad Venture Partners, Kleiner Perkins, Microsoft, Salesforce, Zetta


Ventures, U.S. Venture Partners, Polaris Partners

Its platform offers integrated approach for emails,calls,predictive hiring,gamification,lead scoring

60.0

2015-03-11

SteelWedge

Shea Ventures, Mainsail Partners, Camden Partners

Its business planning solution provider for sales, finance, operations and executive teams.

2015-03-11

Zuora

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


Its solution is for taming operational complexities of recurring revenue businesses.
Ventures

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

SoftTech VC, Spark Capital

Offers integrated social, web, and email marketing products

35.0

2015-02-19

Livefrye

Adobe Ventures, Greycroft Partners, Salesforce Ventures

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

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

Blue Cloud Ventures, Investor Growth Capital, Matrix Partners, First Mark

Develops enterprise SaaS search engine optimization technology solutions

27.0

Source: Capital IQ, Crunchbase, PE Hub 1/29/16


* Denotes debt investment

2016, Centaur Partners Confidential

22.5
115.0

26

Recent Technology IPOs


(US$ in millions, except per share values)

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

Source: CapIQ 1/15/16


Note: Offerings that raised less than $40M and OTC
traded companies have been excluded

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%

2016, Centaur Partners Confidential

0.6%
0.7%

27

Recent Technology IPO Filings


(US$ in millions, except per share values)

Proposed Ticker
NTNX
SCWX
TF

Company
Nutanix
SecureWorks
TransFirst

Sector
IT Infrastructure
IT Security
Payments

Initial Filing Date


12/22/2015
12/17/2015
10/16/2015

Source: CapIQ 1/15/16


LTM financials as of registration filings

Amount to be
Raised
$200.00
$100.00
$100.00

LTM Revenue ($MM)


$283.14
$316.85
$1,144.80

LTM EBITDA ($MM)


-$110.84
-$56.61
$107.80

2016, Centaur Partners Confidential

28

Recent Technology Followon Offerings


(US$ in millions, except per share values)
As of Follow-On

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%

Paycom Software, Inc.

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%

Paylocity Holding Corporation

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%

SS&C Technologies Holdings, Inc.

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%

Endurance International Group Holdings, Inc.

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%

Western Digital Corporation

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%

Sensata Technologies Holding NV

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%

Moneygram International Inc.

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%

Tableau Software, Inc.

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%

Rocket Fuel Inc.

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%

SPS Commerce, Inc.

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%

Guidewire Software, Inc.

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%

Source: CapIQ 1/15/16


Note: Offerings that raised less than $40M and OTC
traded companies have been excluded

Ent. Value

EV/LTM
Rev.

EV/FTM
Rev.

MRQ
% Rev.
Gross
Growth Margin %

Follow-On
Date

LTM Rev.

FTM Rev.

2016, Centaur Partners Confidential

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

RAKESH SAIGAL PhD, PE


rakesh@centaurpartners.com
(510) 209-7149

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

New York Office


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

Virginia Office
4870 Sadler Rd,
Suite 300
Glen Allen, VA 23060
(804) 205-5169

2016, Centaur Partners Confidential

30