CLARE CAPITAL TECH INSIGHTS

Clare Capital: mergers and acquisitions, capital raises, valuations, financial modelling, private company benchmarking and technology insights

Overview Clare Capital Tech Insights 91 - SaaS Acquisition Price to Capital Raise - 20180803
This Tech Insights report looks at over 150 SaaS acquisitions in regards to how much the acquired company raised and the multiple - measured by the acquisition price over the
capital raised. This analysis is strictly evaluating the total quantum of capital raised for an equity stake in each company. It does not measure the relative valuations for each capital
raise f0r each company, nor does it include any debt financing.

Example
For example, if a SaaS company is acquired for $200 million and raised $20 million in capital over its lifetime - this would be a 10x multiple. This return will not be truly
representative of how much founders, shareholders and investors receive when their company is sold, given all would have invested at different valuations.

Acquisition Price (USD M) / Capital Raised (USD M) = Acquisition Price/Capital Raised Multiple
$1,000 $100 18x

$900 $90 16x

$800 $80 14x
$700 $70
12x
$600 $60
10x
$500 $50
8x
$400 $40
6x
$300 $30

$200 $20 4x

$100 $10 2x

- - -

Lower Quartile 49 Lower Quartile 7 Lower Quartile 3.9

Median
Upper Quartile
• 180
776
Median
Upper Quartile
• 30
75
Median
Upper Quartile
• 8.1
16.7
Average p 908 Average p 89 Average p 16.7

Disclaimer
The information provided in this report has been sourced from FactSet and other public websites. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not
an Authorised Financial Adviser. This document is intended as analysis. If you are making investment decisions you should seek appropriate personalised financial advice.

Source: Clare Capital Data: FactSet and Company Reports www.clarecapital.co.nz

If you want to be added to the distribution list, please email Mark Clare at mark.clare@clarecapital.co.nz or call on +64-21-470227 Page 1 of 2
CLARE CAPITAL TECH INSIGHTS
Clare Capital: mergers and acquisitions, capital raises, valuations, financial modelling, private company benchmarking and technology insights

1,000

20x Multiple 15x Multiple 10x Multiple

900

800

700
Acquisition Price (USD M)

600

500
5x Multiple

400

300

200

100

-
- 10 20 30 40 50 60 70 80 90 100
Capital Raised (USD M)

Source: Clare Capital Data: FactSet and Company Reports www.clarecapital.co.nz

If you want to be added to the distribution list, please email Mark Clare at mark.clare@clarecapital.co.nz or call on +64-21-470227 Page 2 of 2