CP SaaS Market Overview

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
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
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
2 companies
CTCT, NTAP
Median EV/Rev: 1.9x

Median EV/EBITDA: 11x
Medians
15% - 25%
Median EV/Rev: 3.7x
8 companies
CUDA, QLYS, RHT , ANET,
MDSO, CSOD, FLTX, ZIXI
Median EV/Rev: 4.8x
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
<15%
EBITDA Margin (2015E)
>25%
<5%
Median EV/Rev: 2.6x

Medians
>25%
Median EV/Rev: 5.6x
3.5 EV/Rev
9.6 EV/EBITDA
4 companies
PANW, NTCT , VEEV, ELLI
Median EV/Rev: 5.2x
3.1 EV/Rev
14.3 EV/EBITDA
3 companies
NOW, TXTR, DATA
Median EV/Rev: 4.3x
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
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
SaaS Market Valuation 2015
Mean 5.2x
Median 4.8x
Median 23.1%
Median 13.3%
SaaS Market Valuation 2016
Mean 4.1x
Median 3.9x
Median 13.8%
Median 21.5%
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
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

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
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
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

*Totals for Intel and Google are for 2014 & 2015 only
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
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
15
SaaS Comparable Analysis (cont.)

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

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

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

Comparable Company Operating Metrics
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%
Veeva Systems, Inc.
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%
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%
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

Comparable Company Estimates

Company
SalesForce.com
Workday, Inc.
ServiceNow, Inc.
NetSuite, Inc.
Atlassian Corp.
j2 Global, Inc.
Zendesk, Inc.
Demandware, Inc.
New Relic
LogMeIn, Inc.
RingCentral, Inc.
Box Inc.
Cvent, Inc.
LifeLock, Inc.
TriNet Group, Inc.
Marketo, Inc.
SPS Commerce, Inc.
Qualys, Inc.
inContact, Inc.
Appfolio
LivePerson, Inc.
Five 9, Inc.
Bazaarvoice, Inc.
SciQuest, Inc.
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

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

Comparable Company Estimates
Revenue
Company
Vertically Focused
athenahealth, Inc.
Veeva Systems, Inc.
Ellie Mae, Inc.
RealPage, Inc.
Textura Corp.
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
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
21
Recent SaaS M&A Transactions (cont.)

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

22
Recent SaaS M&A Transactions (cont.)

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

23
SaaS Private Placements

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

25*
24
SaaS Private Placements (cont.)

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

35.0
100.0
150.0
310.0
25
SaaS Private Placements (cont.)

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

22.5
115.0
26
Recent Technology IPOs

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

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%
0.6%
0.7%
27
Recent Technology IPO Filings

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

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
28
Recent Technology Followon Offerings

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%
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%

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.
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
30

CP SaaS Market Overview

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CP SaaS Market Overview

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Introduction to Centaur Partners

SaaS Market Overview

CONFIDENTIAL NOT FOR DISTRIBUTION

2016, Centaur Partners Confidential

Technology Market Overview

Source: CapIQ 1/22/16

2015 Centaur Partners Confidential

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

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

2016, Centaur Partners Confidential

Valuation Matrix: Revenue Growth vs. EBITDA Margin

Median EV/Rev: 3.4x

Median EV/Rev: 1.9x

EBITDA Margin (2015E)

Median EV/Rev: 2.6x

Revenue growth commands a premium over profitability

2016, Centaur Partners Confidential

Technology Sector Forward Revenue Valuation Analysis

Mean EV/2016 Revenue

Mean EV/2015 Revenue

Mean 2016 Revenue Growth

Mean 2015 Revenue Growth

2016, Centaur Partners Confidential

SaaS Market Valuation 2015

Source: CapIQ 1/19/16

2016, Centaur Partners Confidential

SaaS Market Valuation 2016

Source: CapIQ 1/19/16

2016, Centaur Partners Confidential

Enterprise Social Media

Marketing Demand Generation

Retail & E Commerce

2016, Centaur Partners Confidential

SaaS/Cloud Landscape (cont.)

Large consolidators remain active alongside new cash rich acquirers

Technology M&A Trends

Key M&A Statistics

Largest Technology Transactions 2015:

EMC acquired Virtustream for $1.2B

Avago acquired Broadcom for $37.0B

Nokia acquired Alcatel Lucent for $16.5B

Deallogic M&A Snapshot 12/18/15

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

Provides CRM marketing data integration SaaS

Provides predictive mobile workforce management SaaS

Provides on-demand employee spend management solutions

Provides a cloud-based marketing platform

Provides marketing campaign measurements SaaS

Provides online advertising analytics and customer analytics SaaS

Provides data management, marketing automation and analytics SaaS

Provides open-source BI reporting and analytics software and SaaS

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

Source: CapIQ 1/22/16

2016, Centaur Partners Confidential

M&A Activity of Selected SaaS Vendors

Selected Recent Acquisitions

Source: CapitalIQ, Crunchbase 12/22/15

2016, Centaur Partners Confidential

Recent Private Placement Activity of Most Active Corporate VCs

Number of Private Placements since 2013

Source: CapitalIQ, Crunchbase 1/22/16

2016, Centaur Partners Confidential

Recent Private Placement Activity of Other Corporate VCs

Number of Private Placements since 2010